Kinetik Holdings Inc. $KNTK Shares Sold by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

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. trimmed its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 26.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 large investors also recently modified their holdings of KNTK. Comerica Bank raised its holdings in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Kinetik by 141.6% during 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 during the period. Rossby Financial LCC purchased a new stake in shares of Kinetik during the 1st quarter valued at about $78,000. KBC Group NV purchased a new stake in shares of Kinetik during the 1st quarter valued at about $95,000. Finally, Covestor Ltd raised its holdings in shares of Kinetik by 4,129.6% during the 1st quarter. Covestor Ltd now owns 3,426 shares of the company's stock valued at $178,000 after buying an additional 3,345 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

KNTK has been the topic of several analyst reports. Mizuho set a $53.00 target price on Kinetik and gave the company an "outperform" rating in a report on Friday, August 29th. Citigroup reiterated a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Royal Bank Of Canada dropped their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Finally, Barclays dropped 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. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.67.

Kinetik Trading Up 0.6%

NYSE KNTK traded up $0.24 during mid-day trading on Friday, reaching $43.49. 228,024 shares of the company's stock traded hands, compared to its average volume of 1,081,230. Kinetik Holdings Inc. has a 1-year low of $39.25 and a 1-year high of $67.60. The company has a fifty day simple moving average of $41.74 and a 200-day simple moving average of $44.79. The company has a market cap of $7.04 billion, a price-to-earnings ratio of 58.77 and a beta of 3.16.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share 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 last year, the firm posted $0.54 earnings per share. The company's revenue was up 18.7% compared to the same quarter last year.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were given a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.2%. Kinetik's dividend payout ratio (DPR) is presently 421.62%.

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.