MQS Management LLC Invests $326,000 in Kinetik Holdings Inc. (NYSE:KNTK)

MQS Management LLC acquired a new stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,274 shares of the company's stock, valued at approximately $326,000.

Several other hedge funds and other institutional investors have also modified their holdings of KNTK. Comerica Bank increased its holdings in Kinetik by 32.2% during 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 last quarter. Nisa Investment Advisors LLC grew its position in shares of Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after buying an additional 664 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of Kinetik by 789.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after buying an additional 971 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Kinetik during the fourth quarter worth approximately $67,000. Finally, Rossby Financial LCC acquired a new stake in shares of Kinetik during the first quarter worth approximately $78,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Citigroup reiterated a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Mizuho lowered their price target on Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a report on Tuesday. UBS Group assumed coverage on Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective for the company. Finally, Scotiabank upped their price objective on Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $55.56.

Kinetik Stock Up 3.7%

KNTK stock traded up $1.52 during trading on Friday, reaching $43.03. 860,415 shares of the company's stock were exchanged, compared to its average volume of 1,031,536. Kinetik Holdings Inc. has a 1-year low of $37.85 and a 1-year high of $67.60. The company's fifty day moving average price is $43.73 and its 200-day moving average price is $50.50. The firm has a market cap of $6.80 billion, a PE ratio of 45.29 and a beta of 3.00.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The company's quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.12 EPS.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 25th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.25%. Kinetik's dividend payout ratio (DPR) is 328.42%.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider owned 1 shares in the company, valued at $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 through this link. 3.83% of the stock is currently owned by company insiders.

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.