Dividend Assets Capital LLC Has $787,000 Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Dividend Assets Capital LLC grew its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 63.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,161 shares of the company's stock after buying an additional 5,871 shares during the quarter. Dividend Assets Capital LLC's holdings in Kinetik were worth $787,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KNTK. Canton Hathaway LLC bought a new stake in shares of Kinetik in the 4th quarter valued at about $28,000. Rialto Wealth Management LLC bought a new stake in shares of Kinetik in the 4th quarter valued at about $34,000. Comerica Bank raised its holdings in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the period. Sterling Capital Management LLC raised its holdings in shares of Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after purchasing an additional 971 shares during the period. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of Kinetik in the 4th quarter valued at about $67,000. 21.11% of the stock is owned by institutional investors.

Kinetik Stock Down 0.6%

Shares of KNTK traded down $0.26 during mid-day trading on Friday, hitting $44.21. 992,108 shares of the company's stock were exchanged, compared to its average volume of 976,751. Kinetik Holdings Inc. has a 52 week low of $37.85 and a 52 week high of $67.60. The stock's 50-day simple moving average is $43.58 and its 200-day simple moving average is $52.89. The firm has a market cap of $6.98 billion, a price-to-earnings ratio of 46.54 and a beta of 3.05.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate 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 in the previous year, the company earned $0.12 earnings per share. The company's revenue for the quarter was up 29.8% on a year-over-year basis.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders 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 annualized dividend and a dividend yield of 7.06%. Kinetik's dividend payout ratio is presently 328.42%.

Analysts Set New Price Targets

Several research firms have weighed in on KNTK. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target on the stock. Royal Bank of Canada lowered their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Wall Street Zen raised shares of Kinetik from a "sell" rating to a "hold" rating in a report on Monday. Barclays set a $48.00 price target on shares of Kinetik and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Finally, US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Kinetik presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the sale, the insider now owns 1 shares in the company, valued at approximately $44.16. This trade represents a 100.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.