HITE Hedge Asset Management LLC Takes Position in Kinetik Holdings Inc. $KNTK

Key Points

• HITE Hedge Asset Management LLC established a new position in Kinetik Holdings Inc., acquiring 358,253 shares valued at approximately $18.6 million, giving the firm a 0.23% ownership stake.
• Major shareholder Isq Global Fund Ii Gp Llc sold 4.26 million shares of Kinetik, resulting in a complete divestiture from its stake.
• Kinetik recently announced a quarterly dividend of $0.78 per share, translating to an annualized dividend yield of 7.6%, despite a high payout ratio of 421.62%.

HITE Hedge Asset Management LLC bought a new position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 358,253 shares of the company's stock, valued at approximately $18,608,000. HITE Hedge Asset Management LLC owned about 0.23% of Kinetik as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Comerica Bank boosted its position in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the period. Nisa Investment Advisors LLC boosted its position in Kinetik by 141.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after acquiring an additional 664 shares during the period. Sterling Capital Management LLC grew its stake in shares of Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after purchasing an additional 971 shares in the last quarter. Rossby Financial LCC acquired a new position in shares of Kinetik during the first quarter valued at $78,000. Finally, KBC Group NV bought a new stake in shares of Kinetik during the first quarter valued at about $95,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction on Wednesday, June 4th. The stock was 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 owned 1 shares of the company's stock, valued at approximately $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.83% of the stock is currently owned by corporate insiders.

Kinetik Stock Down 0.2%

Shares of NYSE:KNTK opened at $40.83 on Monday. The company has a market cap of $6.61 billion, a P/E ratio of 55.18 and a beta of 3.03. Kinetik Holdings Inc. has a 12-month low of $39.33 and a 12-month high of $67.60. The company's fifty day moving average is $42.49 and its two-hundred day moving average is $47.27.

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

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.6%. The ex-dividend date was Friday, July 25th. Kinetik's payout ratio is currently 421.62%.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of recent analyst reports. Citigroup reiterated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Barclays dropped their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. UBS Group assumed coverage on Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 target price for the company. Finally, Royal Bank Of Canada lowered their price target on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $55.33.

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.

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