Point72 Asset Management L.P. Cuts Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Point72 Asset Management L.P. trimmed its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 12.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in KNTK. Fifth Third Bancorp bought a new stake in Kinetik in the 4th quarter worth approximately $26,000. Canton Hathaway LLC bought a new stake in Kinetik in the fourth quarter worth $28,000. Rialto Wealth Management LLC bought a new stake in Kinetik in the fourth quarter worth $34,000. Comerica Bank raised its stake in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its position in Kinetik by 789.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after purchasing an additional 971 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KNTK. Barclays decreased their target price on shares of Kinetik from $58.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Tuesday. UBS Group initiated coverage on Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price on the stock. Royal Bank of Canada lowered their price target 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 upgraded shares of Kinetik from a "neutral" rating to a "buy" rating and cut their price objective for the company from $58.00 to $55.00 in a research report on Tuesday. Finally, US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $57.11.

Kinetik Stock Up 0.1%

KNTK stock traded up $0.06 during trading on Thursday, hitting $44.42. The company had a trading volume of 580,200 shares, compared to its average volume of 667,305. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60. The company has a 50 day simple moving average of $45.76 and a 200-day simple moving average of $54.25. The firm has a market capitalization of $7.01 billion, a P/E ratio of 16.39, a PEG ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. During the same quarter in the prior year, the company earned $0.12 earnings per share. Kinetik's revenue was up 29.8% on a year-over-year basis. Sell-side analysts forecast that Kinetik Holdings Inc. will post 1.96 earnings per share for the current year.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 7.02%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is presently 328.42%.

Insider Buying and Selling at Kinetik

In related 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 shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 3.83% of the stock is currently owned by corporate insiders.

Kinetik Company Profile

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.