Tiptree Advisors LLC Has $6.23 Million Stock Position in Kinetik Holdings Inc. $KNTK

Key Points

• Tiptree Advisors LLC increased its stake in Kinetik Holdings by 26.3% in the first quarter, now holding 120,000 shares valued at approximately $6.2 million, making it the firm's 7th largest position.
• Analyst ratings for Kinetik are mixed, with Barclays lowering its target price to $43 while Scotiabank maintains an "outperform" rating at a target of $55.
• Kinetik reported earnings of $0.33 per share for the last quarter, surpassing estimates significantly, despite a year-over-year decline from $0.54 in the same quarter last year.

Tiptree Advisors LLC grew its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 26.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 120,000 shares of the company's stock after purchasing an additional 25,000 shares during the quarter. Kinetik makes up about 5.1% of Tiptree Advisors LLC's portfolio, making the stock its 7th largest position. Tiptree Advisors LLC owned 0.08% of Kinetik worth $6,233,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in KNTK. Comerica Bank grew its stake in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares during the period. Nisa Investment Advisors LLC grew its stake in Kinetik by 141.6% during 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 period. Rossby Financial LCC acquired a new position in shares of Kinetik during the 1st quarter valued at $78,000. KBC Group NV bought a new position in Kinetik during the first quarter worth $95,000. Finally, Covestor Ltd grew its holdings in Kinetik by 4,129.6% in the first quarter. Covestor Ltd now owns 3,426 shares of the company's stock worth $178,000 after purchasing an additional 3,345 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on KNTK. Barclays dropped their price objective on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Scotiabank reaffirmed an "outperform" rating on shares of Kinetik in a research report on Monday. Finally, Royal Bank Of Canada cut their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.67.

Kinetik Stock Performance

Shares of Kinetik stock traded up $0.41 on Friday, hitting $43.66. The company had a trading volume of 300,325 shares, compared to its average volume of 1,081,554. Kinetik Holdings Inc. has a 1 year low of $39.25 and a 1 year high of $67.60. The stock has a 50 day moving average of $41.74 and a 200-day moving average of $44.79. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 59.00 and a beta of 3.16.

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

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were issued a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.1%. Kinetik's dividend payout ratio is currently 421.62%.

Kinetik 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.