Millennium Management LLC Increases Position in Kinetik Holdings Inc. (NYSE:KNTK)

Millennium Management LLC lifted its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 97.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,227 shares of the company's stock after purchasing an additional 34,679 shares during the period. Millennium Management LLC's holdings in Kinetik were worth $3,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp purchased a new stake in Kinetik in the 4th quarter worth $26,000. Canton Hathaway LLC purchased a new stake in shares of Kinetik during the fourth quarter worth about $28,000. Rialto Wealth Management LLC purchased a new stake in shares of Kinetik during the fourth quarter worth about $34,000. Comerica Bank raised its stake in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the period. Finally, Sterling Capital Management LLC lifted its holdings in Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after purchasing an additional 971 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on KNTK shares. Scotiabank cut their price objective on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a report on Monday, May 12th. Citigroup raised shares of Kinetik from a "neutral" rating to a "buy" rating and cut their target price for the company from $58.00 to $55.00 in a research note on Tuesday, May 20th. Mizuho dropped their price objective on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a report on Tuesday, May 20th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Finally, UBS Group started coverage on Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 target price 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 stock. According to MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and a consensus price target of $56.22.

Kinetik Stock Performance

NYSE KNTK traded up $1.16 during trading on Tuesday, hitting $46.23. The stock had a trading volume of 1,050,277 shares, compared to its average volume of 929,018. Kinetik Holdings Inc. has a one year low of $37.85 and a one year high of $67.60. The stock has a 50 day simple moving average of $44.33 and a 200 day simple moving average of $53.64. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 48.66 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last issued 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). The company had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. The business's revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 earnings per share.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is presently 328.42%.

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.