Catalyst Capital Advisors LLC increased its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 10.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 270,487 shares of the company's stock after buying an additional 24,933 shares during the period. Catalyst Capital Advisors LLC owned about 0.17% of Kinetik worth $14,049,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Principal Financial Group Inc. raised its holdings in Kinetik by 8.2% in the 4th quarter. Principal Financial Group Inc. now owns 22,017 shares of the company's stock valued at $1,249,000 after acquiring an additional 1,671 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Kinetik by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after acquiring an additional 54,081 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Kinetik by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 313,510 shares of the company's stock worth $17,779,000 after acquiring an additional 5,581 shares during the period. Keybank National Association OH acquired a new stake in Kinetik in the fourth quarter valued at approximately $245,000. Finally, Atria Investments Inc purchased a new stake in shares of Kinetik during the fourth quarter valued at approximately $412,000. Hedge funds and other institutional investors own 21.11% of the company's stock.
Insider Activity
In other 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 shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider directly owned 1 shares of the company's stock, valued at approximately $44.16. This represents a 100.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.83% of the company's stock.
Kinetik Stock Up 0.3%
Shares of KNTK traded up $0.14 during mid-day trading on Friday, hitting $43.85. The stock had a trading volume of 465,828 shares, compared to its average volume of 1,250,454. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The company has a market cap of $6.93 billion, a PE ratio of 46.16 and a beta of 3.00. The company's fifty day simple moving average is $43.67 and its two-hundred day simple moving average is $51.41.
Kinetik (NYSE:KNTK - Get Free Report) last released 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). The business had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The business's revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 EPS.
Kinetik Announces Dividend
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 $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.12%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is 328.42%.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Mizuho decreased their price objective on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Finally, Barclays set a $48.00 price objective on Kinetik and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Kinetik currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.
Get Our Latest Stock Analysis on KNTK
Kinetik Company Profile
(
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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