Jefferies Financial Group Inc. Makes New Investment 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. acquired a new stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,100 shares of the company's stock, valued at approximately $1,511,000.

A number of other hedge funds have also recently modified their holdings of KNTK. Comerica Bank lifted its position in shares of 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 in 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 in the last quarter. Sterling Capital Management LLC raised its position in Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after purchasing an additional 971 shares during the last quarter. Rossby Financial LCC purchased a new stake in Kinetik in the 1st quarter valued at $78,000. Finally, KBC Group NV acquired a new position in Kinetik in the 1st quarter valued at $95,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction dated 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 directly owned 1 shares in the company, valued at approximately $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.83% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on KNTK shares. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Barclays dropped their price objective on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Wall Street Zen downgraded 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 report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective for the company. Finally, Scotiabank raised their target price on Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $55.56.

Kinetik Price Performance

Shares of KNTK traded down $0.34 on Thursday, reaching $41.20. 923,986 shares of the stock traded hands, compared to its average volume of 1,038,240. The firm has a market cap of $6.51 billion, a price-to-earnings ratio of 43.37 and a beta of 3.03. Kinetik Holdings Inc. has a 12 month low of $39.33 and a 12 month high of $67.60. The stock's 50-day moving average price is $43.00 and its 200-day moving average price is $48.66.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The company's revenue was up 18.7% compared to the same quarter last year. During the same period last year, the company earned $0.54 EPS.

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 issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.6%. The ex-dividend date was Friday, July 25th. Kinetik's dividend payout ratio is 421.62%.

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.