Invesco Ltd. Lowers Stock Holdings in Kinetik Holdings Inc. $KNTK

Key Points

• Invesco Ltd. reduced its stake in Kinetik Holdings Inc. by 4.9%, resulting in ownership of approximately 1.186 million shares valued at $61.6 million.
• Wall Street analysts have mixed ratings for Kinetik, with one sell rating, three hold ratings, and six buy ratings, alongside a consensus price target of $55.33.
• Kinetik recently declared a quarterly dividend of $0.78, indicating an annualized payout of $3.12 and a high dividend yield of 7.6%.

Invesco Ltd. cut its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,186,256 shares of the company's stock after selling 61,587 shares during the quarter. Invesco Ltd. owned 0.75% of Kinetik worth $61,614,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Comerica Bank raised its holdings in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares during the last quarter. Sterling Capital Management LLC raised its holdings 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. Nisa Investment Advisors LLC raised its holdings 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. Rossby Financial LCC acquired a new position in Kinetik during the first quarter worth $78,000. Finally, KBC Group NV acquired a new position in Kinetik during the first quarter worth $95,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KNTK. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Mizuho reduced their price objective on Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a report on Tuesday, July 15th. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Scotiabank reissued an "outperform" rating on shares of Kinetik in a research report on Thursday, August 14th. Finally, Barclays dropped their price target on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $55.33.

Kinetik Price Performance

Kinetik stock traded up $0.04 during mid-day trading on Thursday, hitting $39.77. 838,955 shares of the company were exchanged, compared to its average volume of 964,855. The business's 50 day simple moving average is $42.16 and its two-hundred day simple moving average is $46.83. The company has a market capitalization of $6.44 billion, a P/E ratio of 53.74 and a beta of 3.03. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share 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%.The firm's revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.8%. Kinetik's payout ratio is currently 421.62%.

Insider Activity at Kinetik

In other 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 value of $188,213,894.40. Following the completion of the sale, the insider owned 1 shares of the company's stock, valued at $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.83% of the stock is currently owned by corporate insiders.

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.