HITE Hedge Asset Management LLC Sells 40,019 Shares of Kodiak Gas Services, Inc. $KGS

Key Points

• HITE Hedge Asset Management trimmed its Kodiak Gas Services position by 14.8% in the fourth quarter, selling 40,019 shares and leaving it with 231,116 shares valued at about $8.64 million.
• Kodak Gas Services reported stronger-than-expected quarterly results, posting EPS of $0.59 versus the $0.54 estimate and revenue of $345.76 million, while revenue rose 4.9% year over year.
• Wall Street sentiment remains positive, with multiple analysts raising price targets and the stock carrying a consensus “Moderate Buy” rating with an average target price of $75.22.

HITE Hedge Asset Management LLC lowered its position in Kodiak Gas Services, Inc. (NYSE:KGS - Free Report) by 14.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 231,116 shares of the company's stock after selling 40,019 shares during the period. HITE Hedge Asset Management LLC owned about 0.27% of Kodiak Gas Services worth $8,644,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of KGS. Vanguard Group Inc. boosted its holdings in Kodiak Gas Services by 33.8% in the 4th quarter. Vanguard Group Inc. now owns 6,170,360 shares of the company's stock worth $230,771,000 after buying an additional 1,559,172 shares during the period. Invesco Ltd. boosted its holdings in Kodiak Gas Services by 29.5% in the 3rd quarter. Invesco Ltd. now owns 6,305,789 shares of the company's stock worth $233,125,000 after buying an additional 1,436,443 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in Kodiak Gas Services by 3,046.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,471,663 shares of the company's stock worth $55,040,000 after buying an additional 1,424,888 shares during the period. Eagle Global Advisors LLC purchased a new stake in Kodiak Gas Services in the 4th quarter worth $39,741,000. Finally, Goldman Sachs Group Inc. lifted its stake in Kodiak Gas Services by 58.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,983,360 shares of the company's stock worth $73,979,000 after purchasing an additional 730,180 shares in the last quarter. Institutional investors own 24.95% of the company's stock.

Kodiak Gas Services Stock Up 2.7%

Shares of KGS stock opened at $68.95 on Friday. The company's fifty day simple moving average is $67.34 and its two-hundred day simple moving average is $52.62. The company has a quick ratio of 0.99, a current ratio of 1.28 and a debt-to-equity ratio of 2.38. The stock has a market cap of $6.12 billion, a P/E ratio of 93.18, a PEG ratio of 0.94 and a beta of 0.94. Kodiak Gas Services, Inc. has a 52 week low of $30.06 and a 52 week high of $77.68.

Kodiak Gas Services (NYSE:KGS - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.05. The firm had revenue of $345.76 million for the quarter, compared to analysts' expectations of $340.23 million. Kodiak Gas Services had a net margin of 5.13% and a return on equity of 13.12%. The business's revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 EPS. Analysts predict that Kodiak Gas Services, Inc. will post 2.35 EPS for the current fiscal year.

Kodiak Gas Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Monday, May 18th were given a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, May 18th. Kodiak Gas Services's dividend payout ratio is currently 264.86%.

Analyst Upgrades and Downgrades

Several brokerages have commented on KGS. Barclays boosted their price target on shares of Kodiak Gas Services from $60.00 to $76.00 and gave the stock an "overweight" rating in a research note on Thursday, May 21st. Stifel Nicolaus set a $84.00 price target on shares of Kodiak Gas Services in a research note on Tuesday, May 12th. Citigroup boosted their price target on shares of Kodiak Gas Services from $63.00 to $86.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Jefferies Financial Group began coverage on shares of Kodiak Gas Services in a research note on Thursday, June 4th. They issued a "buy" rating and a $79.00 price target on the stock. Finally, Wells Fargo & Company began coverage on shares of Kodiak Gas Services in a research note on Wednesday, May 27th. They issued an "overweight" rating and a $93.00 price target on the stock. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $75.22.

Insider Buying and Selling at Kodiak Gas Services

In other news, insider Pedro R. Buhigas sold 13,942 shares of the company's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $55.73, for a total transaction of $776,987.66. Following the sale, the insider directly owned 42,723 shares in the company, valued at approximately $2,380,952.79. This represents a 24.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ewan William Hamilton sold 5,797 shares of the company's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $56.18, for a total transaction of $325,675.46. Following the sale, the chief accounting officer owned 34,346 shares in the company, valued at $1,929,558.28. This represents a 14.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 33,682 shares of company stock valued at $1,876,438 over the last quarter. 0.64% of the stock is owned by corporate insiders.

About Kodiak Gas Services

Kodiak Gas Services, Inc operates contract compression infrastructure for customers in the oil and gas industry in the United States. It operates in two segments, Compression Operations and Other Services. The Compression Operations segment operates company-owned and customer-owned compression infrastructure to enable the production, gathering, and transportation of natural gas and oil. The Other Services segment provides a range of contract services, including station construction, maintenance and overhaul, and other ancillary time and material-based offerings.

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