Jackson Square Capital LLC bought a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 14,790 shares of the company's stock, valued at approximately $768,000.
A number of other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in Kinetik in the 1st quarter worth $647,000. Dividend Assets Capital LLC grew its position in Kinetik by 63.2% during the first quarter. Dividend Assets Capital LLC now owns 15,161 shares of the company's stock worth $787,000 after buying an additional 5,871 shares in the last quarter. Gilman Hill Asset Management LLC increased its stake in Kinetik by 1.1% during the first quarter. Gilman Hill Asset Management LLC now owns 235,724 shares of the company's stock valued at $12,243,000 after acquiring an additional 2,571 shares during the period. Chickasaw Capital Management LLC raised its holdings in Kinetik by 0.8% in the 1st quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock valued at $32,327,000 after acquiring an additional 4,732 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Kinetik by 5,716.5% in the 1st quarter. GAMMA Investing LLC now owns 29,606 shares of the company's stock worth $1,538,000 after acquiring an additional 29,097 shares during the period. 21.11% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's 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 transaction, the insider now directly owns 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.83% of the company's stock.
Kinetik Price Performance
Shares of KNTK stock traded down $0.86 during trading hours on Tuesday, reaching $42.84. 1,166,860 shares of the company were exchanged, compared to its average volume of 976,410. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The stock's fifty day moving average is $43.66 and its two-hundred day moving average is $52.60. The company has a market cap of $6.77 billion, a price-to-earnings ratio of 45.09 and a beta of 3.05.
Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. The business's revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.12 EPS.
Kinetik Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.28%. Kinetik's payout ratio is 328.42%.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on the company. Scotiabank boosted their price objective on Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a research report on Thursday, June 5th. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Mizuho lowered their target price on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 20th. Royal Bank of Canada dropped their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Finally, Barclays set a $48.00 price objective on Kinetik and gave the company an "equal weight" rating in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $56.56.
Check Out Our Latest Analysis on KNTK
Kinetik Company Profile
(
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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