MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 188,760 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Kinetik Holdings Inc. by 26.4%, selling 188,760 shares, and now owns approximately 527,433 shares valued at $27.4 million.
• Analysts have mixed opinions on Kinetik, with Citigroup maintaining a "buy" rating while Royal Bank of Canada and Barclays have lowered their price targets, indicating a current consensus rating of "Moderate Buy" with a target price of $54.89.
• Kinetik recently reported a quarterly EPS of $0.33, exceeding expectations, along with a dividend of $0.78 per share, which reflects a significant annual yield of 7.4% despite a high payout ratio of 421.62%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lowered its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 26.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 527,433 shares of the company's stock after selling 188,760 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.33% of Kinetik worth $27,395,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Comerica Bank boosted its position 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 purchasing an additional 195 shares during the period. AQR Capital Management LLC boosted its position in shares of Kinetik by 4.2% in the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock valued at $670,000 after purchasing an additional 522 shares during the period. Nisa Investment Advisors LLC boosted its position 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 purchasing an additional 664 shares during the period. Jump Financial LLC boosted its position in shares of Kinetik by 1.6% in the 1st quarter. Jump Financial LLC now owns 42,559 shares of the company's stock valued at $2,211,000 after purchasing an additional 679 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Kinetik by 1.2% during 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 worth $3,544,000 after acquiring an additional 738 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on KNTK shares. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Barclays cut their price objective on Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Mizuho set a $53.00 price objective on Kinetik and gave the company an "outperform" rating in a research report on Friday, August 29th. Finally, Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $54.67.

Kinetik Price Performance

Shares of KNTK stock traded up $1.36 on Thursday, reaching $43.40. 773,532 shares of the stock were exchanged, compared to its average volume of 1,082,730. The stock has a market cap of $7.03 billion, a PE ratio of 58.65 and a beta of 3.16. Kinetik Holdings Inc. has a one year low of $39.25 and a one year high of $67.60. The stock has a 50 day moving average price of $41.75 and a 200 day moving average price of $44.89.

Kinetik (NYSE:KNTK - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping 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%.The company's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 7.2%. The ex-dividend date was Friday, July 25th. Kinetik's dividend payout ratio is currently 421.62%.

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.