Kinetik Holdings Inc. (NYSE:KNTK) Shares Purchased by Kayne Anderson Capital Advisors LP

Kayne Anderson Capital Advisors LP lifted its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 4.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 830,122 shares of the company's stock after buying an additional 34,811 shares during the quarter. Kinetik comprises 1.0% of Kayne Anderson Capital Advisors LP's holdings, making the stock its 21st biggest position. Kayne Anderson Capital Advisors LP owned 0.53% of Kinetik worth $43,117,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Kinetik by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after purchasing an additional 72,760 shares during the last quarter. Invesco Ltd. increased its position in shares of Kinetik by 3.0% during the 4th quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock valued at $70,765,000 after purchasing an additional 36,362 shares during the last quarter. Westwood Holdings Group Inc. increased its position in shares of Kinetik by 78.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after purchasing an additional 475,606 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Kinetik by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after acquiring an additional 43,629 shares during the period. Finally, Chickasaw Capital Management LLC boosted its stake in Kinetik by 0.8% in the 1st quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock worth $32,327,000 after purchasing an additional 4,732 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

KNTK traded up $1.25 during trading on Thursday, hitting $43.22. 720,347 shares of the stock were exchanged, compared to its average volume of 1,031,002. The firm has a 50 day simple moving average of $43.53 and a 200 day simple moving average of $49.95. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of 45.49 and a beta of 3.00. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share 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 business had revenue of $443.26 million for the quarter, compared to analysts' expectations of $466.54 million. During the same quarter last year, the firm earned $0.12 earnings per share. The firm's quarterly revenue was up 29.8% compared to the same quarter last year.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 25th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.22%. Kinetik's dividend payout ratio is currently 328.42%.

Analysts Set New Price Targets

KNTK has been the topic of several recent analyst reports. 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. Barclays set a $43.00 target price on Kinetik and gave the company an "equal weight" rating in a research note on Monday, July 14th. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Scotiabank boosted their target price on Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a report on Thursday, June 5th. Finally, Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.56.

Insider Buying and Selling

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider owned 1 shares of the company's stock, valued at $44.16. The trade was a 100.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.83% of the company's stock.

Kinetik Company 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.