Man Group plc decreased its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 22.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,892 shares of the company's stock after selling 16,224 shares during the period. Man Group plc's holdings in Kinetik were worth $3,226,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new stake in shares of Kinetik in the 4th quarter valued at approximately $26,000. Canton Hathaway LLC acquired a new position in Kinetik in the fourth quarter valued at approximately $28,000. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik during the 4th quarter worth approximately $34,000. Comerica Bank boosted its position in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the period. Finally, Sterling Capital Management LLC grew its stake in Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after buying an additional 971 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.
Wall Street Analysts Forecast Growth
KNTK has been the subject of several analyst reports. Royal Bank of Canada reduced their price objective on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Citigroup raised shares of Kinetik from a "neutral" rating to a "buy" rating and cut their price target for the company from $58.00 to $55.00 in a report on Tuesday, May 20th. Barclays set a $48.00 price target on shares of Kinetik and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Mizuho dropped their target price on Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Tuesday, May 20th. Finally, Wells Fargo & Company cut their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $57.11.
Get Our Latest Stock Report on KNTK
Kinetik Price Performance
Shares of KNTK stock traded down $0.44 during trading on Wednesday, reaching $45.82. The company had a trading volume of 135,090 shares, compared to its average volume of 920,178. Kinetik Holdings Inc. has a one year low of $37.85 and a one year high of $67.60. The firm's 50 day simple moving average is $45.06 and its two-hundred day simple moving average is $54.04. The company has a market capitalization of $7.23 billion, a PE ratio of 48.23 and a beta of 3.03.
Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.24). The firm had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. During the same period last year, the company earned $0.12 earnings per share. The company's revenue for the quarter was up 29.8% compared to the same quarter last year.
Kinetik Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 6.81%. The ex-dividend date was Friday, April 25th. Kinetik's payout ratio is presently 328.42%.
Insider Activity
In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares of the company's stock, valued at approximately $58,106,647.60. The trade was a 79.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.83% of the stock is currently owned by company insiders.
Kinetik Company Profile
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Free Report)
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.
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