Exchange Traded Concepts LLC Grows Position in Kinetik Holdings Inc. (NYSE:KNTK)

Exchange Traded Concepts LLC grew its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 9.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,734 shares of the company's stock after buying 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 SEC filing.

A number of other large investors have also recently made changes to their positions in KNTK. Canton Hathaway LLC bought a new stake in Kinetik during the 4th quarter worth approximately $28,000. Rialto Wealth Management LLC purchased a new stake in shares of Kinetik in the fourth quarter worth $34,000. Comerica Bank raised its position in shares of Kinetik by 32.2% during 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 lifted its stake in shares of Kinetik by 789.4% during 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 in the last quarter. Finally, EverSource Wealth Advisors LLC bought a new position in Kinetik in the 4th quarter worth $67,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction on 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 transaction, the insider now owns 1 shares of the company's stock, valued at approximately $44.16. This represents a 100.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.83% of the stock is currently owned by insiders.

Kinetik Price Performance

Shares of NYSE KNTK opened at $44.21 on Monday. The company has a market cap of $6.98 billion, a P/E ratio of 46.54 and a beta of 3.05. The firm has a 50-day simple moving average of $43.63 and a two-hundred day simple moving average of $52.75. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly 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 during the quarter, compared to analysts' expectations of $466.54 million. The business's revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 earnings per share.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.06%. The ex-dividend date was Friday, April 25th. Kinetik's payout ratio is presently 328.42%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on KNTK shares. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Scotiabank boosted their price target on Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a report on Thursday, June 5th. Royal Bank of Canada cut their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Mizuho lowered their target price on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Tuesday, May 20th. Finally, Barclays set a $48.00 target price on shares of Kinetik and gave the stock an "equal weight" rating in a research report on Tuesday, May 20th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

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.

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