Invesco Ltd. Reduces Position 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. lowered its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the stock. Covestor Ltd grew its position in shares of Kinetik by 4,129.6% during the 1st quarter. Covestor Ltd now owns 3,426 shares of the company's stock valued at $178,000 after acquiring an additional 3,345 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Kinetik by 204.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 167,035 shares of the company's stock valued at $8,676,000 after purchasing an additional 112,157 shares during the last quarter. Deutsche Bank AG grew its holdings in Kinetik by 45.3% during the first quarter. Deutsche Bank AG now owns 405,882 shares of the company's stock valued at $21,082,000 after purchasing an additional 126,603 shares during the period. Westwood Holdings Group Inc. increased its position in Kinetik by 4.0% in the first quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock worth $58,528,000 after buying an additional 43,619 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Kinetik in the first quarter valued at $1,511,000. Institutional investors own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KNTK. 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. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. UBS Group initiated coverage on shares of Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Kinetik in a report on Thursday, August 14th. Finally, Mizuho reduced their price objective on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research note on Tuesday, July 15th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $55.33.

Kinetik Stock Performance

Shares of KNTK stock traded down $0.22 on Wednesday, hitting $39.64. 233,805 shares of the company's stock traded hands, compared to its average volume of 1,022,375. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 53.57 and a beta of 3.03. The company's fifty day simple moving average is $42.35 and its 200 day simple moving average is $47.05. Kinetik Holdings Inc. has a one year low of $39.25 and a one year high of $67.60.

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

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were issued a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.9%. Kinetik's dividend payout ratio (DPR) is currently 421.62%.

Insider Activity 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 transaction of $188,213,894.40. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at $44.16. This represents a 100.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.83% of the stock is currently owned by insiders.

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.