Point72 Asset Management L.P. Sells 43,521 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Point72 Asset Management L.P. trimmed its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 12.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 309,037 shares of the company's stock after selling 43,521 shares during the quarter. Point72 Asset Management L.P. owned about 0.20% of Kinetik worth $17,526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in KNTK. Comerica Bank increased its holdings in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares in the last quarter. Private Advisor Group LLC grew its position in shares of Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock worth $502,000 after buying an additional 448 shares during the period. Fifth Third Bancorp bought a new stake in shares of Kinetik in the 4th quarter valued at $26,000. Canton Hathaway LLC acquired a new position in shares of Kinetik during the 4th quarter valued at $28,000. Finally, Swiss National Bank boosted its stake in Kinetik by 0.7% during the fourth quarter. Swiss National Bank now owns 76,300 shares of the company's stock worth $4,327,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. UBS Group assumed coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Barclays set a $48.00 price target on Kinetik and gave the stock an "equal weight" rating in a research note on Tuesday. Citigroup raised Kinetik from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $58.00 to $55.00 in a research note on Tuesday. Mizuho decreased their price objective on Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a report on Tuesday. Finally, Wells Fargo & Company cut their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Kinetik presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.11.

Kinetik Trading Up 0.8%

Shares of NASDAQ:KNTK traded up $0.37 during mid-day trading on Friday, hitting $44.78. 211,662 shares of the company traded hands, compared to its average volume of 666,282. The stock has a 50-day moving average price of $45.57 and a two-hundred day moving average price of $54.22. Kinetik Holdings Inc. has a 12-month low of $37.85 and a 12-month high of $67.60. The stock has a market cap of $7.06 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) 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. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business's revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS. As a group, analysts expect that Kinetik Holdings Inc. will post 1.96 earnings per share for the current year.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.97%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's payout ratio is 328.42%.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm's stock in a transaction 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 completion of the sale, the insider now directly owns 1,044,520 shares of the company's stock, valued at $58,106,647.60. This trade represents a 79.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 3.83% of the company's stock.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.