Kinetik Holdings Inc. $KNTK is Gilman Hill Asset Management LLC's 7th Largest Position

Key Points

• Gilman Hill Asset Management LLC increased its stake in Kinetik Holdings Inc. by 3.5%, now holding 244,003 shares valued at approximately $10.75 million, making it the fund's 7th largest holding.
• Kinetik reported an earnings per share (EPS) of $0.33 for the last quarter, surpassing the consensus estimate significantly, though year-over-year EPS declined from $0.54.
• The company announced a quarterly dividend of $0.78 per share, resulting in a high dividend yield of 7.3%, despite a remarkably high dividend payout ratio of 421.62%.

Gilman Hill Asset Management LLC raised its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 3.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 244,003 shares of the company's stock after acquiring an additional 8,279 shares during the quarter. Kinetik makes up 1.8% of Gilman Hill Asset Management LLC's holdings, making the stock its 7th biggest position. Gilman Hill Asset Management LLC owned approximately 0.15% of Kinetik worth $10,748,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new position in Kinetik in the first quarter valued at about $41,000. Comerica Bank lifted its stake in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Kinetik by 141.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after buying an additional 664 shares in the last quarter. Rossby Financial LCC purchased a new stake in shares of Kinetik during the 1st quarter valued at approximately $78,000. Finally, Strs Ohio purchased a new stake in shares of Kinetik during the 1st quarter valued at approximately $93,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on KNTK shares. Royal Bank Of Canada dropped their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Barclays lowered their target price on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Scotiabank restated an "outperform" rating on shares of Kinetik in a research report on Monday, September 8th. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Finally, Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $54.67.

Kinetik Price Performance

NYSE:KNTK traded down $1.10 during mid-day trading on Friday, hitting $43.07. 2,741,135 shares of the company's stock were exchanged, compared to its average volume of 1,095,731. The business has a fifty day moving average price of $41.86 and a 200 day moving average price of $44.23. The company has a market cap of $6.97 billion, a PE ratio of 58.20 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 issued its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) 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%. The company's revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were given 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 7.2%. Kinetik's dividend payout ratio is 421.62%.

About Kinetik

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.