Alps Advisors Inc. Purchases 25,936 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

Alps Advisors Inc. increased its stake 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 Form 13F filing with the Securities & Exchange Commission. The firm owned 124,480 shares of the company's stock after purchasing an additional 25,936 shares during the period. Alps Advisors Inc. owned approximately 0.08% of Kinetik worth $6,465,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in KNTK. Comerica Bank grew its stake in shares of Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares during the period. Nisa Investment Advisors LLC grew its stake in Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after acquiring an additional 664 shares during the period. Sterling Capital Management LLC grew its stake in Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after acquiring an additional 971 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Kinetik in the fourth quarter valued at about $67,000. Finally, Rossby Financial LCC acquired a new position in Kinetik in the first quarter valued at about $78,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Stock Performance

KNTK traded down $0.03 on Friday, hitting $41.41. 1,390,229 shares of the company were exchanged, compared to its average volume of 1,106,258. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60. The company has a market cap of $6.54 billion, a PE ratio of 43.59 and a beta of 3.00. The stock's fifty day moving average is $43.69 and its 200-day moving average is $50.78.

Kinetik (NYSE:KNTK - Get Free Report) last released 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). Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The company had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same quarter in the previous year, the company posted $0.12 EPS. The business's revenue was up 29.8% on a year-over-year basis.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were paid a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.53%. Kinetik's dividend payout ratio is 328.42%.

Analyst Ratings Changes

A number of research analysts have issued reports on KNTK shares. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Scotiabank boosted their target price on Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a research note on Thursday, June 5th. Barclays set a $48.00 price target on Kinetik and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Citigroup restated a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Finally, UBS Group began coverage on Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Kinetik presently has an average rating of "Moderate Buy" and an average target price of $56.56.

Insider Transactions at Kinetik

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

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.