Hussman Strategic Advisors Inc. Purchases 21,000 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

Hussman Strategic Advisors Inc. raised its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 100.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,000 shares of the company's stock after purchasing an additional 21,000 shares during the quarter. Hussman Strategic Advisors Inc.'s holdings in Kinetik were worth $2,181,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Kinetik by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after purchasing an additional 72,760 shares during the last quarter. Invesco Ltd. raised its position in Kinetik by 3.0% during the 4th quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after purchasing an additional 36,362 shares during the last quarter. Westwood Holdings Group Inc. raised its position in Kinetik by 78.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock worth $61,429,000 after purchasing an additional 475,606 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Kinetik by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after purchasing an additional 43,629 shares during the last quarter. Finally, Chickasaw Capital Management LLC raised its position in Kinetik by 0.8% during the 1st quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock worth $32,327,000 after purchasing an additional 4,732 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

KNTK stock traded up $1.25 during midday trading on Friday, reaching $42.76. 1,451,383 shares of the company's stock traded hands, compared to its average volume of 1,289,530. The company has a 50-day moving average price of $43.73 and a two-hundred day moving average price of $50.30. Kinetik Holdings Inc. has a 52 week low of $37.85 and a 52 week high of $67.60. The firm has a market capitalization of $6.75 billion, a PE ratio of 45.01 and a beta of 3.00.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The company's revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 EPS.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 25th will be given a dividend of $0.78 per share. The ex-dividend date is Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.30%. Kinetik's dividend payout ratio (DPR) is currently 328.42%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on KNTK shares. UBS Group started coverage on Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 target price for the company. Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Mizuho cut their price target on Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research note on Tuesday. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Finally, Royal Bank Of Canada cut their price target on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $55.56.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider directly owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.83% of the company's stock.

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.