Jennison Associates LLC Sells 115,125 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

Jennison Associates LLC cut its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 34.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 217,195 shares of the company's stock after selling 115,125 shares during the quarter. Jennison Associates LLC owned approximately 0.14% of Kinetik worth $11,281,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in KNTK. MQS Management LLC purchased a new stake in Kinetik during the 1st quarter valued at $326,000. Alps Advisors Inc. raised its stake in Kinetik by 26.3% in the first quarter. Alps Advisors Inc. now owns 124,480 shares of the company's stock valued at $6,465,000 after buying an additional 25,936 shares during the last quarter. Round Rock Advisors LLC raised its stake in shares of Kinetik by 164.8% in the first quarter. Round Rock Advisors LLC now owns 14,152 shares of the company's stock worth $735,000 after purchasing an additional 8,807 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Kinetik by 141.6% in 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. Finally, U.S. Capital Wealth Advisors LLC acquired a new stake in Kinetik during the first quarter worth about $259,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Price Performance

Shares of NYSE KNTK traded up $1.24 during midday trading on Thursday, hitting $43.21. 525,653 shares of the company's stock were exchanged, compared to its average volume of 1,029,208. The firm has a market cap of $6.83 billion, a P/E ratio of 45.48 and a beta of 3.00. Kinetik Holdings Inc. has a twelve month low of $37.85 and a twelve month high of $67.60. The stock's 50 day moving average price is $43.53 and its 200-day moving average price is $49.95.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates 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 last year, the company posted $0.12 earnings per share. The company's revenue was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 25th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.22%. Kinetik's dividend payout ratio (DPR) is currently 328.42%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Mizuho lowered their price objective on Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 15th. Citigroup restated a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Royal Bank Of Canada cut their price target on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Barclays set a $43.00 price objective on Kinetik and gave the company an "equal weight" rating in a report on Monday, July 14th. Finally, Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $55.56.

Insider Transactions 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 shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the transaction, the insider directly owned 1 shares of the company's stock, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.83% of the company's stock.

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.