Vident Advisory LLC Buys 14,070 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Vident Advisory LLC increased its holdings in Kinetik Holdings Inc. by 26.2%, bringing its total shares to 67,800 valued at approximately $3.52 million.
• Major shareholder Isq Global Fund Ii Gp Llc sold a significant portion of its shares, totaling 4,262,090 shares for $188.21 million, reducing its ownership to just 1 share.
• Kinetik's recent quarterly earnings report revealed an EPS of $0.33, exceeding analyst expectations, while the company announced a quarterly dividend of $0.78 per share.

Vident Advisory LLC grew its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 26.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 67,800 shares of the company's stock after acquiring an additional 14,070 shares during the period. Vident Advisory LLC's holdings in Kinetik were worth $3,522,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. OMERS ADMINISTRATION Corp grew its stake in shares of Kinetik by 329.7% during the first quarter. OMERS ADMINISTRATION Corp now owns 39,100 shares of the company's stock valued at $2,031,000 after acquiring an additional 30,000 shares in the last quarter. Harvest Portfolios Group Inc. bought a new stake in Kinetik in the first quarter valued at about $6,032,000. Comerica Bank increased its holdings in Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company's stock valued at $80,000 after buying an additional 732 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Kinetik in the first quarter valued at about $1,242,000. Finally, Jump Financial LLC grew its holdings in shares of Kinetik by 1.6% during the first quarter. Jump Financial LLC now owns 42,559 shares of the company's stock valued at $2,211,000 after purchasing an additional 679 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KNTK. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Royal Bank Of Canada reduced their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Mizuho set a $53.00 target price on Kinetik and gave the company an "outperform" rating in a report on Friday, August 29th. Scotiabank reiterated an "outperform" rating and set a $55.00 price objective on shares of Kinetik in a report on Thursday, August 14th. Finally, Barclays cut their price objective on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $54.89.

Kinetik Price Performance

Shares of NYSE:KNTK traded up $0.63 during trading on Wednesday, reaching $41.49. The stock had a trading volume of 1,241,897 shares, compared to its average volume of 1,083,865. Kinetik Holdings Inc. has a 52 week low of $39.25 and a 52 week high of $67.60. The business's 50-day moving average price is $41.92 and its 200 day moving average price is $45.52. The stock has a market capitalization of $6.72 billion, a PE ratio of 56.07 and a beta of 3.16.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. During the same period in the previous year, the firm posted $0.54 earnings per share. The firm's quarterly revenue was up 18.7% on a year-over-year basis.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.5%. Kinetik's dividend payout ratio is presently 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.