Miller Howard Investments Inc. NY Sells 75,195 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Miller Howard Investments Inc. reduced its stake in Kinetik Holdings Inc. by 48%, selling 75,195 shares during the second quarter to hold about 81,368 shares worth approximately $3.58 million.
• Kinetik's stock was down 2.5% on the market, with shares opening at $43.07 and a market cap of $6.97 billion.
• The company recently announced a quarterly dividend of $0.78, yielding 7.2%, despite a high dividend payout ratio of 421.62%.

Miller Howard Investments Inc. NY lessened its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 48.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 81,368 shares of the company's stock after selling 75,195 shares during the period. Miller Howard Investments Inc. NY owned about 0.05% of Kinetik worth $3,584,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Illinois Municipal Retirement Fund bought a new position in Kinetik in the first quarter valued at about $615,000. Catalyst Capital Advisors LLC grew its position in Kinetik by 10.2% in the first quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company's stock valued at $14,049,000 after acquiring an additional 24,933 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in Kinetik in the first quarter valued at about $970,000. Russell Investments Group Ltd. grew its position in Kinetik by 14.3% in the first quarter. Russell Investments Group Ltd. now owns 50,309 shares of the company's stock valued at $2,613,000 after acquiring an additional 6,292 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Kinetik in the first quarter valued at approximately $647,000. Institutional investors own 21.11% of the company's stock.

Kinetik Stock Performance

Shares of KNTK stock traded up $1.93 during mid-day trading on Tuesday, hitting $45.50. The company's stock had a trading volume of 220,353 shares, compared to its average volume of 1,090,266. Kinetik Holdings Inc. has a 52-week low of $39.25 and a 52-week high of $67.60. The business has a 50-day moving average price of $41.90 and a 200 day moving average price of $44.06. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of 61.49, a PEG ratio of 1.06 and a beta of 3.16.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.During the same quarter in the previous year, the firm earned $0.54 earnings per share. The business's revenue for the quarter was up 18.7% compared to the same quarter last year.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's payout ratio is currently 421.62%.

Analyst Ratings Changes

Several analysts recently commented on KNTK shares. Barclays reduced their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Mizuho set a $53.00 target price on Kinetik and gave the stock an "outperform" rating in a research report on Friday, August 29th. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Citigroup reissued a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Kinetik in a research report on Monday, September 8th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Kinetik presently has an average rating of "Moderate Buy" and a consensus price target of $54.67.

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.