GAMMA Investing LLC Has $1.54 Million Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

GAMMA Investing LLC lifted its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 5,716.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,606 shares of the company's stock after acquiring an additional 29,097 shares during the period. GAMMA Investing LLC's holdings in Kinetik were worth $1,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Kinetik by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after acquiring an additional 72,760 shares during the period. Invesco Ltd. lifted its holdings in shares of Kinetik by 3.0% during the 4th quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after acquiring an additional 36,362 shares during the period. Westwood Holdings Group Inc. lifted its holdings in shares of Kinetik by 78.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock worth $61,429,000 after acquiring an additional 475,606 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Kinetik by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after acquiring an additional 43,629 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Kinetik by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after acquiring an additional 54,081 shares during the period. Institutional investors own 21.11% of the company's stock.

Insider Activity

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 shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the completion of the sale, the insider now directly owns 1 shares in the company, valued at $44.16. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.83% of the company's stock.

Kinetik Stock Up 0.1%

Shares of KNTK stock traded up $0.05 during trading hours on Wednesday, hitting $42.86. 992,945 shares of the company's stock traded hands, compared to its average volume of 1,150,672. The stock's 50 day simple moving average is $43.61 and its 200 day simple moving average is $52.53. The stock has a market cap of $6.77 billion, a PE ratio of 45.12 and a beta of 3.05. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. Kinetik's revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 EPS.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.28%. The ex-dividend date was Friday, April 25th. Kinetik's payout ratio is currently 328.42%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on KNTK shares. Barclays set a $48.00 price objective on shares of Kinetik and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Citigroup reissued a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Mizuho dropped their price objective on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research note on Tuesday, May 20th. Finally, Royal Bank Of Canada dropped their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $56.56.

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.