Alps Advisors Inc. Has $6.47 Million Stake in Kinetik Holdings Inc. (NYSE:KNTK)

Alps Advisors Inc. lifted its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 26.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 124,480 shares of the company's stock after buying an additional 25,936 shares during the period. Alps Advisors Inc. owned 0.08% of Kinetik worth $6,465,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Illinois Municipal Retirement Fund bought a new stake in shares of Kinetik during the 1st quarter valued at about $615,000. Catalyst Capital Advisors LLC grew its position in shares of Kinetik by 10.2% during the 1st quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company's stock valued at $14,049,000 after buying an additional 24,933 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Kinetik during the 1st quarter valued at about $970,000. SG Americas Securities LLC bought a new stake in shares of Kinetik during the 1st quarter valued at about $647,000. Finally, KBC Group NV bought a new stake in shares of Kinetik during the 1st quarter valued at about $95,000. Institutional investors own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on KNTK shares. Scotiabank upped their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research report on Thursday, June 5th. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. 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 dropped their price target 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. Finally, Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $56.00.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the transaction, the insider owned 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is owned by corporate insiders.

Kinetik Price Performance

Shares of NYSE KNTK traded up $0.12 during mid-day trading on Monday, reaching $41.56. 1,501,106 shares of the company traded hands, compared to its average volume of 1,018,468. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The firm has a market cap of $6.56 billion, a PE ratio of 43.75 and a beta of 3.00. The stock has a fifty day simple moving average of $43.69 and a 200-day simple moving average of $50.74.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data 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 net margin of 10.74% and a negative return on equity of 8.05%. The company had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same quarter in the prior year, the business earned $0.12 EPS. Kinetik's revenue was up 29.8% compared to the same quarter last year.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.51%. Kinetik's dividend payout ratio is presently 328.42%.

Kinetik Profile

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.