Eagle Global Advisors LLC Purchases Shares of 132,637 Kinetik Holdings Inc. (NYSE:KNTK)

Key Points

• Eagle Global Advisors LLC acquired 132,637 shares of Kinetik Holdings Inc., valued at approximately $6.89 million, representing about 0.08% of the company's stock as of its latest SEC filing.
• Kinetik announced a quarterly dividend of $0.78 per share, reflecting an annualized yield of 7.6% and a payout ratio of 421.62%.
• Wall Street analysts have mixed ratings on Kinetik, with an average target price of $55.56 and varying suggestions from buy to hold, indicating a cautious market outlook.

Eagle Global Advisors LLC purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 132,637 shares of the company's stock, valued at approximately $6,889,000. Eagle Global Advisors LLC owned approximately 0.08% of Kinetik as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KNTK. Comerica Bank boosted its position 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 buying an additional 195 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after purchasing an additional 664 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of Kinetik by 789.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after purchasing an additional 971 shares in the last quarter. Rossby Financial LCC acquired a new position in shares of Kinetik during the first quarter worth approximately $78,000. Finally, KBC Group NV acquired a new position in shares of Kinetik during the first quarter worth approximately $95,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider owned 1 shares of the company's stock, valued at approximately $44.16. This represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.83% of the company's stock.

Kinetik Price Performance

KNTK opened at $41.19 on Monday. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 55.66 and a beta of 3.03. The firm has a 50 day simple moving average of $42.85 and a 200 day simple moving average of $48.08. Kinetik Holdings Inc. has a fifty-two week low of $39.33 and a fifty-two week high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 5.62%. During the same quarter in the prior year, the business earned $0.54 earnings per share. The business's revenue was up 18.7% on a year-over-year basis.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's dividend payout ratio is presently 421.62%.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of research reports. Citigroup reiterated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. UBS Group initiated coverage on shares of Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price on the stock. Barclays reduced their target price on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Mizuho reduced their target price on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 15th. Finally, Scotiabank upped their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $55.56.

About Kinetik

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.