Hardy Reed LLC Takes Position in Kinetik Holdings Inc. $KNTK

Key Points

• Hardy Reed LLC acquired a new stake in Kinetik Holdings Inc., purchasing 6,711 shares valued at approximately $296,000 during the second quarter of the year.
• Kinetik announced a quarterly dividend of $0.78, resulting in an annualized dividend yield of 8.0%, although the company's dividend payout ratio stands at a high 421.62%.
• The stock has experienced a price increase of 0.9% recently, with current shares trading at $38.91 and a market capitalization of $6.30 billion.

Hardy Reed LLC bought a new stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 6,711 shares of the company's stock, valued at approximately $296,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zimmer Partners LP purchased a new stake in shares of Kinetik during the 1st quarter worth about $102,124,000. HITE Hedge Asset Management LLC purchased a new position in shares of Kinetik in the 1st quarter valued at about $18,608,000. Yaupon Capital Management LP acquired a new position in Kinetik in the 1st quarter worth about $10,388,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in Kinetik by 32.0% during the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company's stock worth $34,315,000 after purchasing an additional 189,000 shares in the last quarter. Finally, Eagle Global Advisors LLC acquired a new stake in Kinetik in the first quarter valued at approximately $6,889,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Insider Buying and Selling

In related news, insider Jamie Welch acquired 5,000 shares of the stock in a transaction on Thursday, October 2nd. The shares were bought at an average price of $39.13 per share, with a total value of $195,650.00. Following the completion of the purchase, the insider owned 3,676,399 shares of the company's stock, valued at approximately $143,857,492.87. This represents a 0.14% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.83% of the company's stock.

Kinetik Stock Up 0.9%

Shares of NYSE KNTK opened at $38.91 on Tuesday. The firm has a 50-day simple moving average of $42.12 and a 200-day simple moving average of $43.38. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 52.58, a price-to-earnings-growth ratio of 0.96 and a beta of 3.11. Kinetik Holdings Inc. has a 52 week low of $38.21 and a 52 week high of $67.60.

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

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 8.0%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's dividend payout ratio (DPR) is currently 421.62%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Scotiabank restated an "outperform" rating on shares of Kinetik in a research report on Monday, September 8th. Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Zacks Research upgraded shares of Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Sunday, September 28th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Kinetik in a research note on Saturday, September 27th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $54.67.

About Kinetik

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.

Want to see what other hedge funds are holding KNTK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kinetik Holdings Inc. (NYSE:KNTK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.