Tortoise Capital Advisors L.L.C. Reduces Position in Kinetik Holdings Inc. $KNTK

Key Points

• Tortoise Capital Advisors L.L.C. has reduced its stake in Kinetik Holdings Inc. by 11.3%, selling 51,469 shares during Q1, leaving them with 403,762 shares valued at approximately $20.97 million.
• Major shareholder Isq Global Fund Ii Gp Llc sold a significant amount of shares (4.26 million) at an average price of $44.16, resulting in a complete exit from their position.
• Kinetik Holdings has a current consensus rating of "Moderate Buy" among analysts, with a target price averaging around $55.33, despite some analysts adjusting their ratings and price targets recently.

Tortoise Capital Advisors L.L.C. decreased its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 11.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 403,762 shares of the company's stock after selling 51,469 shares during the period. Tortoise Capital Advisors L.L.C. owned about 0.26% of Kinetik worth $20,971,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Gould Capital LLC raised its position in shares of Kinetik by 5.2% during the first quarter. Gould Capital LLC now owns 48,376 shares of the company's stock worth $2,513,000 after purchasing an additional 2,382 shares during the period. Tribune Investment Group LP acquired a new position in Kinetik during the first quarter worth $4,675,000. Credit Agricole S A lifted its stake in Kinetik by 59.5% in the 1st quarter. Credit Agricole S A now owns 41,033 shares of the company's stock valued at $2,131,000 after purchasing an additional 15,303 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new position in shares of Kinetik in the first quarter valued at $18,608,000. Finally, Quantbot Technologies LP lifted its position in Kinetik by 142.0% during the first quarter. Quantbot Technologies LP now owns 140,769 shares of the company's stock worth $7,312,000 after acquiring an additional 82,608 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Trading Up 1.3%

Shares of NYSE KNTK traded up $0.52 during midday trading on Wednesday, hitting $41.77. 784,989 shares of the company's stock were exchanged, compared to its average volume of 1,027,301. Kinetik Holdings Inc. has a 12-month low of $39.25 and a 12-month high of $67.60. The company has a market cap of $6.76 billion, a price-to-earnings ratio of 56.45 and a beta of 3.03. The business's fifty day moving average price is $42.00 and its two-hundred day moving average price is $46.25.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, beating analysts' consensus estimates 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 quarter in the previous year, the company earned $0.54 EPS. Kinetik's revenue for the quarter was up 18.7% compared to the same quarter last year.

Kinetik Announces Dividend

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 $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.5%. Kinetik's dividend payout ratio (DPR) is presently 421.62%.

Analysts Set New Price Targets

KNTK has been the subject of several analyst reports. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Royal Bank Of Canada lowered their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. UBS Group started coverage on Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective on the stock. Scotiabank reaffirmed an "outperform" rating and issued a $55.00 price target on shares of Kinetik in a research note on Thursday, August 14th. Finally, Mizuho lowered their price objective on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a report on Tuesday, July 15th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Kinetik has an average rating of "Moderate Buy" and an average target price of $55.33.

Insider Activity

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

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.