D. E. Shaw & Co. Inc. purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 29,527 shares of the company's stock, valued at approximately $1,674,000.
Several other hedge funds also recently made changes to their positions in the stock. Deutsche Bank AG raised its stake in Kinetik by 106.8% in the fourth quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock valued at $15,838,000 after purchasing an additional 144,226 shares in the last quarter. Corigliano Investment Advisers LLC bought a new stake in shares of Kinetik during the 4th quarter worth $491,000. Brevan Howard Capital Management LP grew its position in Kinetik by 256.3% in the fourth quarter. Brevan Howard Capital Management LP now owns 31,630 shares of the company's stock worth $1,794,000 after acquiring an additional 22,753 shares in the last quarter. Balyasny Asset Management L.P. grew its position in Kinetik by 349.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 46,626 shares of the company's stock worth $2,644,000 after acquiring an additional 36,250 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in Kinetik in the fourth quarter valued at $2,656,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.
Kinetik Trading Up 1.0%
KNTK stock traded up $0.43 on Friday, reaching $44.84. The company's stock had a trading volume of 764,631 shares. The company has a 50-day moving average price of $45.40 and a two-hundred day moving average price of $54.20. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 47.20 and a beta of 3.03.
Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. During the same period last year, the firm earned $0.12 earnings per share. The firm's revenue for the quarter was up 29.8% compared to the same quarter last year.
Kinetik Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.96%. Kinetik's dividend payout ratio (DPR) is 328.42%.
Insiders Place Their Bets
In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the sale, the insider now owns 1,044,520 shares of the company's stock, valued at approximately $58,106,647.60. This trade represents a 79.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.83% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the company. Scotiabank dropped their price target on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a research note on Monday, May 12th. Royal Bank of Canada dropped their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Citigroup upgraded Kinetik from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $58.00 to $55.00 in a report on Tuesday. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Finally, Barclays set a $48.00 price objective on Kinetik and gave the stock an "equal weight" rating in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Kinetik currently has an average rating of "Moderate Buy" and an average price target of $57.11.
Read Our Latest Report on Kinetik
About Kinetik
(
Free Report)
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.
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