Kinetik Holdings Inc. (NYSE:KNTK) Shares Sold by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY decreased its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 42.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 156,563 shares of the company's stock after selling 113,407 shares during the quarter. Miller Howard Investments Inc. NY owned 0.10% of Kinetik worth $8,132,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in KNTK. Illinois Municipal Retirement Fund acquired a new stake in Kinetik during the 1st quarter worth approximately $615,000. Sequoia Financial Advisors LLC purchased a new position in Kinetik in the first quarter valued at $970,000. SG Americas Securities LLC acquired a new position in Kinetik during the 1st quarter worth $647,000. Bank of New York Mellon Corp grew its stake 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 purchasing an additional 54,081 shares in the last quarter. Finally, Jump Financial LLC increased its holdings in Kinetik by 73.8% during the 4th quarter. Jump Financial LLC now owns 41,880 shares of the company's stock worth $2,375,000 after purchasing an additional 17,778 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Up 0.3%

Shares of KNTK traded up $0.14 during mid-day trading on Friday, reaching $43.85. 465,828 shares of the company's stock were exchanged, compared to its average volume of 1,250,454. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60. The company has a market cap of $6.93 billion, a price-to-earnings ratio of 46.16 and a beta of 3.00. The company has a 50-day simple moving average of $43.69 and a two-hundred day simple moving average of $51.32.

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

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were issued a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.12%. Kinetik's dividend payout ratio (DPR) is 328.42%.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of analyst reports. UBS Group initiated coverage on Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective for the company. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a report 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 reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Finally, Scotiabank raised their price target on Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a research note on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

Insider Activity

In related 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 transaction of $188,213,894.40. Following the transaction, the insider owned 1 shares of the company's stock, valued at approximately $44.16. This represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.83% of the stock is owned by corporate insiders.

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.