Gilman Hill Asset Management LLC Buys 8,279 Shares of Kinetik Holdings Inc. $KNTK

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 increased its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 3.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 244,003 shares of the company's stock after buying an additional 8,279 shares during the period. Kinetik comprises approximately 1.8% of Gilman Hill Asset Management LLC's holdings, making the stock its 7th largest holding. Gilman Hill Asset Management LLC owned about 0.15% of Kinetik worth $10,748,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in KNTK. Zimmer Partners LP purchased a new position in shares of Kinetik during the first quarter valued at $102,124,000. HITE Hedge Asset Management LLC purchased a new position in shares of Kinetik during the first quarter valued at $18,608,000. Yaupon Capital Management LP purchased a new position in shares of Kinetik during the first quarter valued at $10,388,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Kinetik by 34.1% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock valued at $30,645,000 after buying an additional 150,000 shares during the period. Finally, Eagle Global Advisors LLC bought a new stake in Kinetik during the first quarter valued at about $6,889,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

KNTK has been the topic of a number of recent research reports. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Wall Street Zen raised Kinetik from a "sell" rating to a "hold" rating in a research report on Saturday. Barclays dropped their price objective on Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Scotiabank reissued an "outperform" rating on shares of Kinetik in a report on Monday, September 8th. Finally, Royal Bank Of Canada lowered their price target on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.67.

Kinetik Stock Performance

Shares of NYSE:KNTK traded down $1.10 during trading on Friday, reaching $43.07. The stock had a trading volume of 2,741,135 shares, compared to its average volume of 1,529,415. The business has a fifty day moving average price of $41.86 and a 200-day moving average price of $44.16. The stock has a market cap of $6.97 billion, a PE ratio of 58.20, a PEG ratio of 1.06 and a beta of 3.16. Kinetik Holdings Inc. has a 1-year low of $39.25 and a 1-year high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (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%.Kinetik'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 Dividend Announcement

The company also recently declared 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 of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.2%. Kinetik's payout ratio is currently 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.