Graham Capital Wealth Management LLC Cuts Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Key Points

• Graham Capital Wealth Management LLC reduced its stake in Kinetik Holdings Inc. by 52.4%, selling 25,606 shares during the first quarter, leaving it with 23,228 shares valued at approximately $1.2 million.
• Major shareholder Isq Global Fund II GP LLC sold over 4.26 million shares at an average price of $44.16, resulting in a 100% decrease in their stake.
• Kinetik recently declared a quarterly dividend of $0.78 per share, translating to an annualized dividend yield of 7.57% despite a high payout ratio of 328.42%.

Graham Capital Wealth Management LLC trimmed its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 52.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,228 shares of the company's stock after selling 25,606 shares during the period. Graham Capital Wealth Management LLC's holdings in Kinetik were worth $1,206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Comerica Bank boosted its holdings in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after buying an additional 664 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Kinetik by 1.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company's stock valued at $3,544,000 after buying an additional 738 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after buying an additional 971 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Kinetik by 5.7% in the 4th quarter. MetLife Investment Management LLC now owns 23,373 shares of the company's stock valued at $1,325,000 after buying an additional 1,260 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Price Performance

KNTK traded up $0.50 during trading on Thursday, reaching $43.18. 512,944 shares of the company's stock were exchanged, compared to its average volume of 1,031,513. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60. The stock has a market capitalization of $6.82 billion, a P/E ratio of 45.45 and a beta of 3.00. The company's fifty day simple moving average is $43.26 and its 200-day simple moving average is $49.36.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period in the prior year, the business posted $0.12 earnings per share. The business's quarterly revenue was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The firm 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. This represents a $3.12 dividend on an annualized basis and a yield of 7.23%. The ex-dividend date is Friday, July 25th. Kinetik's dividend payout ratio is presently 328.42%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Royal Bank Of Canada lowered their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Mizuho decreased their price objective on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research report on Tuesday, July 15th. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Barclays decreased their price objective on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Finally, US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. One 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $55.56.

Insider Transactions at Kinetik

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

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.