Kinetik Holdings Inc. $KNTK Shares Sold by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. has reduced its stake in Kinetik Holdings Inc. by 56.1%, now holding 15,606 shares valued at approximately $811,000.
• Kinetik recently disclosed a quarterly dividend of $0.78 per share, resulting in an annualized yield of 7.3% and a significant payout ratio of 421.62%.
• Analysts have mixed ratings for Kinetik, with an average target price of $54.89, following recent upgrades and downgrades from various investment firms.

Graham Capital Management L.P. lessened its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 56.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,606 shares of the company's stock after selling 19,940 shares during the period. Graham Capital Management L.P.'s holdings in Kinetik were worth $811,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Comerica Bank grew its stake in Kinetik by 32.2% during 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. Nisa Investment Advisors LLC raised its stake in Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after buying an additional 664 shares during the last quarter. Jump Financial LLC boosted its holdings in Kinetik by 1.6% in the first quarter. Jump Financial LLC now owns 42,559 shares of the company's stock worth $2,211,000 after acquiring an additional 679 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Kinetik by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company's stock worth $3,544,000 after acquiring an additional 738 shares during the last quarter. Finally, Rossby Financial LCC acquired a new position in shares of Kinetik during the first quarter valued at about $78,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on KNTK shares. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Royal Bank Of Canada lowered 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. Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Barclays reduced their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Finally, Mizuho set a $53.00 price target on Kinetik and gave the company an "outperform" rating in a research note on Friday, August 29th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.89.

Kinetik Price Performance

NYSE:KNTK traded down $0.76 during mid-day trading on Friday, hitting $41.93. The company's stock had a trading volume of 1,514,099 shares, compared to its average volume of 1,317,610. The business's fifty day moving average is $41.86 and its two-hundred day moving average is $45.05. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 56.66 and a beta of 3.16. Kinetik Holdings Inc. has a 1 year low of $39.25 and a 1 year high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.During the same quarter last year, the company posted $0.54 earnings per share. Kinetik's revenue for the quarter was up 18.7% on a year-over-year basis.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.4%. The ex-dividend date was Friday, July 25th. Kinetik's dividend payout ratio is currently 421.62%.

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.