Interval Partners LP Invests $1.50 Million in Kinetik Holdings Inc. $KNTK

Key Points

• Interval Partners LP has made a new investment of approximately $1.50 million in Kinetik Holdings Inc. by purchasing 28,845 shares during the first quarter.
• Kinetik has recently reported an earnings per share (EPS) of $0.33, surpassing analysts' expectations of $0.14, and achieved a revenue increase of 18.7% year-over-year.
• The company announced a quarterly dividend of $0.78 per share, resulting in an annualized yield of 7.4%, despite its high dividend payout ratio of 421.62%.

Interval Partners LP purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 28,845 shares of the company's stock, valued at approximately $1,498,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Westwood Holdings Group Inc. raised its holdings in Kinetik by 4.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock valued at $58,528,000 after buying an additional 43,619 shares during the period. Kayne Anderson Capital Advisors LP raised its holdings in Kinetik by 4.4% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock valued at $43,117,000 after buying an additional 34,811 shares during the period. Chickasaw Capital Management LLC raised its holdings in Kinetik by 0.8% during the 1st quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock valued at $32,327,000 after buying an additional 4,732 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Kinetik by 34.1% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock valued at $30,645,000 after buying an additional 150,000 shares during the period. Finally, Northern Trust Corp raised its holdings in Kinetik by 11.4% during the 1st quarter. Northern Trust Corp now owns 436,174 shares of the company's stock valued at $22,655,000 after buying an additional 44,651 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Stock Performance

Kinetik stock traded up $0.95 during mid-day trading on Thursday, reaching $42.99. 324,790 shares of the company were exchanged, compared to its average volume of 1,079,993. The business has a fifty day moving average of $41.75 and a 200 day moving average of $44.89. The firm has a market cap of $6.96 billion, a P/E ratio of 58.09 and a beta of 3.16. 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 earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The business's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 earnings per share.

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 paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.3%. The ex-dividend date was Friday, July 25th. Kinetik's payout ratio is 421.62%.

Analyst Ratings Changes

KNTK has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Royal Bank Of Canada dropped their target price on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Scotiabank reiterated an "outperform" rating on shares of Kinetik in a report on Monday. Mizuho set a $53.00 price target on Kinetik and gave the company an "outperform" rating in a report on Friday, August 29th. Finally, Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.67.

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.