D. E. Shaw & Co. Inc. Acquires New Position in Kinetik Holdings Inc. (NYSE:KNTK)

D. E. Shaw & Co. Inc. bought a new position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 29,527 shares of the company's stock, valued at approximately $1,674,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KNTK. Comerica Bank increased its stake in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after acquiring an additional 195 shares during the period. Private Advisor Group LLC increased its stake in Kinetik by 5.3% in the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock valued at $502,000 after acquiring an additional 448 shares during the period. Fifth Third Bancorp bought a new stake in Kinetik in the fourth quarter valued at about $26,000. Canton Hathaway LLC bought a new stake in Kinetik in the fourth quarter valued at about $28,000. Finally, Swiss National Bank increased its stake in Kinetik by 0.7% in the fourth quarter. Swiss National Bank now owns 76,300 shares of the company's stock valued at $4,327,000 after acquiring an additional 500 shares during the period. 21.11% of the stock is owned by institutional investors.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.83% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Mizuho reduced their price target on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 20th. Scotiabank reduced their price target on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating on the stock in a research report on Monday, May 12th. Royal Bank of Canada reduced their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, Wall Street Zen upgraded shares of Kinetik from a "sell" rating to a "hold" rating in a research report on Saturday. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.11.

Kinetik Price Performance

Shares of KNTK stock traded up $1.42 during trading hours on Tuesday, reaching $46.26. 777,826 shares of the company were exchanged, compared to its average volume of 928,320. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The stock's fifty day moving average is $45.06 and its two-hundred day moving average is $54.04. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 48.69 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The firm had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same quarter last year, the firm earned $0.12 EPS. The company's quarterly revenue was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.74%. Kinetik's payout ratio is 328.42%.

Kinetik Company 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.