Hsbc Holdings PLC Reduces Holdings in Kinetik Holdings Inc. $KNTK

Key Points

• Hsbc Holdings PLC reduced its stake in Kinetik Holdings Inc. by 81.5%, now holding 13,080 shares valued at $675,000 after selling 57,499 shares in the first quarter.
• Major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares for approximately $188.2 million, resulting in a 100% decrease in their ownership.
• Kinetik recently announced a quarterly dividend of $0.78 per share, with a 7.4% yield, and reported a quarterly revenue increase of 18.7% year-over-year.

Hsbc Holdings PLC lowered its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 81.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,080 shares of the company's stock after selling 57,499 shares during the quarter. Hsbc Holdings PLC's holdings in Kinetik were worth $675,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Illinois Municipal Retirement Fund acquired a new stake in shares of Kinetik in the 1st quarter valued at about $615,000. Catalyst Capital Advisors LLC raised its holdings in Kinetik by 10.2% in the 1st quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company's stock valued at $14,049,000 after acquiring an additional 24,933 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in Kinetik during the 1st quarter worth approximately $970,000. Russell Investments Group Ltd. boosted its position in shares of Kinetik by 14.3% in the first quarter. Russell Investments Group Ltd. now owns 50,309 shares of the company's stock valued at $2,613,000 after acquiring an additional 6,292 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of Kinetik during the first quarter worth approximately $647,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

KNTK has been the topic of a number of research analyst reports. 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 decreased their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Finally, Mizuho set a $53.00 price objective on Kinetik and gave the stock an "outperform" rating in a report on Friday, August 29th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Kinetik presently has an average rating of "Moderate Buy" and a consensus target price of $54.89.

Kinetik Price Performance

Kinetik stock traded up $1.04 during mid-day trading on Thursday, reaching $42.49. 453,304 shares of the stock traded hands, compared to its average volume of 1,079,811. The stock has a market capitalization of $6.88 billion, a PE ratio of 57.42 and a beta of 3.16. The business's 50-day moving average is $41.92 and its 200-day moving average is $45.52. Kinetik Holdings Inc. has a 12-month low of $39.25 and a 12-month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping 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%.During the same period in the prior year, the company earned $0.54 EPS. Kinetik's quarterly revenue was up 18.7% compared to the same quarter last year.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were issued a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.3%. Kinetik's dividend payout ratio is currently 421.62%.

Kinetik Company 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.