GAMMA Investing LLC raised its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 5,716.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 29,606 shares of the company's stock after purchasing an additional 29,097 shares during the quarter. GAMMA Investing LLC's holdings in Kinetik were worth $1,538,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of KNTK. Canton Hathaway LLC purchased a new position in Kinetik during the fourth quarter valued at $28,000. Rialto Wealth Management LLC purchased a new position in shares of Kinetik in the 4th quarter worth about $34,000. Comerica Bank raised 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 purchasing an additional 195 shares during the last quarter. Sterling Capital Management LLC raised its position 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 worth $62,000 after purchasing an additional 971 shares during the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Kinetik in the 4th quarter worth about $67,000. Institutional investors own 21.11% of the company's stock.
Analysts Set New Price Targets
KNTK has been the subject of a number of recent analyst reports. Mizuho decreased their target price on Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Royal Bank of Canada cut their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. UBS Group started coverage on Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective for the company. Finally, Citigroup reiterated a "buy" rating on shares of Kinetik in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.
Read Our Latest Stock Report on KNTK
Insiders Place Their Bets
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was 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 now directly owns 1 shares of the company's stock, valued at $44.16. This represents a 100.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is owned by company insiders.
Kinetik Price Performance
Shares of NYSE:KNTK opened at $44.21 on Friday. The business's 50 day moving average price is $43.63 and its 200-day moving average price is $52.79. The firm has a market capitalization of $6.98 billion, a PE ratio of 46.54 and a beta of 3.05. 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 released its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. The business's revenue was up 29.8% compared to the same quarter last year.
Kinetik Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were issued a $0.78 dividend. The ex-dividend date 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%.
About Kinetik
(
Free Report)
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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