Trexquant Investment LP Sells 63,462 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Trexquant Investment LP reduced its stake in Kinetik Holdings Inc. by 60.7%, owning 41,136 shares worth $2,137,000 after selling 63,462 shares in the first quarter.
• Several institutional investors adjusted their positions, with Westwood Holdings Group Inc. increasing its holdings by 4.0% to 1,126,832 shares valued at $58,528,000.
• Kinetik recently declared a quarterly dividend of $0.78 per share, leading to an annualized yield of 7.3%, despite a high payout ratio of 421.62%.

Trexquant Investment LP lessened its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 60.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,136 shares of the company's stock after selling 63,462 shares during the period. Trexquant Investment LP's holdings in Kinetik were worth $2,137,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Comerica Bank boosted its position in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after purchasing an additional 664 shares during the last quarter. Rossby Financial LCC acquired a new stake in Kinetik during the first quarter valued at $78,000. KBC Group NV acquired a new stake in Kinetik during the first quarter valued at $95,000. Finally, Covestor Ltd boosted its position in Kinetik by 4,129.6% during the first quarter. Covestor Ltd now owns 3,426 shares of the company's stock valued at $178,000 after purchasing an additional 3,345 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

Shares of Kinetik stock traded up $0.02 during trading on Wednesday, reaching $42.05. The company's stock had a trading volume of 917,181 shares, compared to its average volume of 1,387,541. The business's fifty day moving average price is $41.75 and its 200-day moving average price is $44.89. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 56.82 and a beta of 3.16. Kinetik Holdings Inc. has a one year low of $39.25 and a one year high of $67.60.

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 6.16% and a net margin of 8.21%.The firm's quarterly revenue was up 18.7% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.4%. Kinetik's payout ratio is presently 421.62%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Barclays reduced their price objective on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Mizuho set a $53.00 price target on Kinetik and gave the stock an "outperform" rating in a research report on Friday, August 29th. Finally, Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.67.

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.