Tortoise Capital Advisors L.L.C. Sells 51,469 Shares of 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. lowered its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 11.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 403,762 shares of the company's stock after selling 51,469 shares during the quarter. Tortoise Capital Advisors L.L.C. owned 0.26% of Kinetik worth $20,971,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Westwood Holdings Group Inc. grew its stake in Kinetik by 4.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock valued at $58,528,000 after purchasing an additional 43,619 shares during the period. Kayne Anderson Capital Advisors LP grew its stake in shares of Kinetik by 4.4% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock worth $43,117,000 after acquiring an additional 34,811 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Kinetik by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after acquiring an additional 43,629 shares during the period. Chickasaw Capital Management LLC grew its stake in shares of Kinetik by 0.8% during the 1st quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock worth $32,327,000 after acquiring an additional 4,732 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Kinetik by 34.1% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock worth $30,645,000 after acquiring an additional 150,000 shares during the period. Institutional investors own 21.11% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on KNTK shares. Scotiabank reiterated an "outperform" rating and set a $55.00 price target on shares of Kinetik in a research note on Thursday, August 14th. UBS Group initiated coverage on Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective on the stock. Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Finally, Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.33.

Kinetik Price Performance

Shares of NYSE:KNTK traded up $0.73 on Friday, hitting $40.56. The company's stock had a trading volume of 969,129 shares, compared to its average volume of 943,245. The company has a market capitalization of $6.57 billion, a PE ratio of 54.81 and a beta of 3.03. Kinetik Holdings Inc. has a 1 year low of $39.25 and a 1 year high of $67.60. The company has a 50-day simple moving average of $42.09 and a 200 day simple moving average of $46.44.

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

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were paid a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.7%. Kinetik's payout ratio is presently 421.62%.

Insider Activity at Kinetik

In related 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 stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider owned 1 shares of the company's stock, valued at $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.83% of the stock is owned by insiders.

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.