Exchange Traded Concepts LLC Has $4.61 Million Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Exchange Traded Concepts LLC grew its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 9.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,734 shares of the company's stock after acquiring an additional 7,504 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.06% of Kinetik worth $4,609,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Canton Hathaway LLC acquired a new position in Kinetik in the fourth quarter worth $28,000. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik during the fourth quarter worth $34,000. Comerica Bank lifted its position in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after buying an additional 195 shares during the last quarter. Sterling Capital Management LLC boosted 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 buying an additional 971 shares during the period. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of Kinetik during the 4th quarter valued at about $67,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Trading Up 0.1%

Kinetik stock traded up $0.05 during mid-day trading on Thursday, hitting $42.86. 992,945 shares of the company's stock were exchanged, compared to its average volume of 1,150,672. Kinetik Holdings Inc. has a 1-year low of $37.85 and a 1-year high of $67.60. The stock has a 50 day moving average of $43.57 and a two-hundred day moving average of $52.47. The stock has a market cap of $6.77 billion, a P/E ratio of 45.12 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The firm's revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.12 EPS.

Kinetik Announces Dividend

The company also recently declared 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. This represents a $3.12 dividend on an annualized basis and a yield of 7.28%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is 328.42%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. UBS Group started coverage on shares of Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 target price on the stock. Citigroup reiterated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Barclays set a $48.00 price target on shares of Kinetik and gave the stock an "equal weight" rating in a research report on Tuesday, May 20th. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Finally, Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $56.56.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the sale, the insider now directly owns 1 shares of the company's stock, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.83% of the stock is currently owned by company insiders.

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.