Hussman Strategic Advisors Inc. raised its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 100.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,000 shares of the company's stock after acquiring an additional 21,000 shares during the period. Hussman Strategic Advisors Inc.'s holdings in Kinetik were worth $2,181,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank raised its holdings in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after acquiring an additional 195 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after purchasing an additional 664 shares during the last quarter. Sterling Capital Management LLC lifted its stake in Kinetik by 789.4% during 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 during the last quarter. EverSource Wealth Advisors LLC bought a new stake in Kinetik during the fourth quarter worth $67,000. Finally, Rossby Financial LCC acquired a new position in shares of Kinetik during the 1st quarter worth $78,000. 21.11% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the company. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Mizuho reduced their price objective on Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 15th. UBS Group initiated coverage on Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective on the stock. Finally, Royal Bank Of Canada reduced their price objective 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Kinetik currently has an average rating of "Moderate Buy" and a consensus price target of $55.56.
View Our Latest Report on KNTK
Kinetik Price Performance
Shares of Kinetik stock traded down $1.32 on Monday, hitting $41.45. 345,572 shares of the company's stock traded hands, compared to its average volume of 1,030,790. Kinetik Holdings Inc. has a one year low of $37.85 and a one year high of $67.60. The company has a fifty day moving average of $43.73 and a two-hundred day moving average of $50.19. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 43.63 and a beta of 3.00.
Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same quarter in the previous year, the company earned $0.12 EPS. The firm's revenue for the quarter was up 29.8% on a year-over-year basis.
Kinetik Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors 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 annualized dividend and a dividend yield of 7.53%. Kinetik's payout ratio is 328.42%.
Insider Activity at Kinetik
In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the transaction, the insider owned 1 shares of the company's stock, valued at $44.16. This represents a 100.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.83% of the stock is currently owned by insiders.
About Kinetik
(
Free Report)
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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