Credit Agricole S A Increases Holdings in Kinetik Holdings Inc. $KNTK

Key Points

• Credit Agricole S A increased its stake in Kinetik Holdings Inc. by 59.5%, acquiring an additional 15,303 shares and raising its total holdings to 41,033 shares valued at approximately $2.13 million.
• Kinetik recently reported $0.33 earnings per share (EPS), beating analysts' expectations and showing an overall revenue increase of 18.7% year-over-year.
• The company declared a quarterly dividend of $0.78 per share, yielding 7.7%, despite a notably high payout ratio of 421.62%.

Credit Agricole S A raised its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 59.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 41,033 shares of the company's stock after purchasing an additional 15,303 shares during the period. Credit Agricole S A's holdings in Kinetik were worth $2,131,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Comerica Bank increased its holdings in shares of Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after purchasing an additional 664 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Kinetik by 1.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company's stock valued at $3,544,000 after purchasing an additional 738 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Kinetik by 5.7% in the fourth quarter. MetLife Investment Management LLC now owns 23,373 shares of the company's stock valued at $1,325,000 after purchasing an additional 1,260 shares during the last quarter. Finally, Rossby Financial LCC acquired a new stake in shares of Kinetik in the first quarter valued at approximately $78,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on KNTK. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Mizuho set a $53.00 target price on Kinetik in a research note on Friday. Royal Bank Of Canada cut their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Citigroup reissued a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Finally, Barclays cut their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $54.89.

Kinetik Stock Performance

Shares of NYSE KNTK traded down $0.67 during trading on Friday, reaching $42.10. The stock had a trading volume of 392,416 shares, compared to its average volume of 1,030,434. The company has a market cap of $6.82 billion, a P/E ratio of 56.89 and a beta of 3.03. The business's 50-day moving average price is $41.98 and its 200-day moving average price is $46.08. Kinetik Holdings Inc. has a fifty-two week low of $39.25 and a fifty-two week high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The business's revenue for the quarter was up 18.7% on a year-over-year basis. During the same period last year, the firm earned $0.54 earnings per share.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were issued a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.4%. Kinetik's dividend payout ratio (DPR) is 421.62%.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider directly owned 1 shares in the company, valued at approximately $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.83% of the company's stock.

Kinetik Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.