Jefferies Financial Group Inc. Purchases New Shares in Kinetik Holdings Inc. (NYSE:KNTK)

Key Points

• Jefferies Financial Group Inc. acquired a new stake in Kinetik Holdings Inc. by purchasing 29,100 shares valued at approximately $1.51 million in the first quarter.
• Kinetik reported $0.05 earnings per share for the last quarter, missing the consensus estimate, with a revenue of $443.26 million, which was 29.8% higher year-over-year.
• The company declared a quarterly dividend of $0.78 per share, representing a 7.3% yield and a payout ratio of 328.42%.

Jefferies Financial Group Inc. purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 29,100 shares of the company's stock, valued at approximately $1,511,000.

A number of other large investors have also added to or reduced their stakes in the company. Cetera Investment Advisers raised its holdings in Kinetik by 147.8% in the first quarter. Cetera Investment Advisers now owns 13,183 shares of the company's stock valued at $685,000 after acquiring an additional 7,862 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its holdings in Kinetik by 4.4% in the first quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock valued at $43,117,000 after acquiring an additional 34,811 shares in the last quarter. Allianz Asset Management GmbH acquired a new stake in Kinetik in the first quarter valued at $226,000. IFP Advisors Inc raised its holdings in Kinetik by 422.6% in the first quarter. IFP Advisors Inc now owns 4,698 shares of the company's stock valued at $245,000 after acquiring an additional 3,799 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. raised its holdings in Kinetik by 100.0% in the first quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the company's stock valued at $2,181,000 after acquiring an additional 21,000 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Price Performance

Shares of NYSE KNTK opened at $42.79 on Monday. Kinetik Holdings Inc. has a 1-year low of $37.85 and a 1-year high of $67.60. The business's fifty day moving average price is $43.19 and its two-hundred day moving average price is $48.91. The firm has a market capitalization of $6.76 billion, a PE ratio of 45.04 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.24). Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The company had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. During the same period in the prior year, the business earned $0.12 earnings per share. Kinetik's quarterly revenue was up 29.8% on a year-over-year basis.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 7.3%. The ex-dividend date was Friday, July 25th. Kinetik's payout ratio is 328.42%.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the completion of the transaction, the insider owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.83% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on KNTK. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Mizuho decreased their price objective on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a report on Tuesday, July 15th. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective for the company. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Finally, Royal Bank Of Canada decreased their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.56.

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.

Want to see what other hedge funds are holding KNTK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kinetik Holdings Inc. (NYSE:KNTK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.