Northern Trust Corp Purchases 44,651 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Northern Trust Corp has increased its stake in Kinetik Holdings Inc. by 11.4% during the first quarter, owning approximately 0.28% of the company, worth around $22.7 million.
• Kinetik's quarterly earnings showed a net margin of 8.21% and revenue increased by 18.7% year-over-year, with EPS surpassing estimates at $0.33.
• The company announced a quarterly dividend of $0.78 per share, representing an annualized dividend yield of 7.4%, although its payout ratio is notably high at 421.62%.

Northern Trust Corp increased its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 11.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 436,174 shares of the company's stock after acquiring an additional 44,651 shares during the quarter. Northern Trust Corp owned about 0.28% of Kinetik worth $22,655,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Westwood Holdings Group Inc. increased its holdings in shares of Kinetik by 4.0% during the first quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock worth $58,528,000 after purchasing an additional 43,619 shares during the period. Kayne Anderson Capital Advisors LP grew its position in Kinetik by 4.4% during the first quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock worth $43,117,000 after buying an additional 34,811 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Kinetik by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after acquiring an additional 43,629 shares during the period. Chickasaw Capital Management LLC increased its stake in Kinetik by 0.8% during the 1st quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock worth $32,327,000 after acquiring an additional 4,732 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Kinetik by 34.1% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock valued at $30,645,000 after acquiring an additional 150,000 shares in the last quarter. Institutional investors own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Barclays decreased their target price on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Royal Bank Of Canada dropped their target price on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Finally, Scotiabank reiterated an "outperform" rating and set a $55.00 price target on shares of Kinetik in a research report on Thursday, August 14th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $54.89.

Kinetik Price Performance

NYSE KNTK traded up $1.20 during trading hours on Thursday, reaching $42.65. The company's stock had a trading volume of 435,723 shares, compared to its average volume of 1,079,581. The firm has a fifty day simple moving average of $41.92 and a 200-day simple moving average of $45.52. Kinetik Holdings Inc. has a 52 week low of $39.25 and a 52 week high of $67.60. The stock has a market cap of $6.91 billion, a P/E ratio of 57.64 and a beta of 3.16.

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

Kinetik Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.3%. Kinetik's payout ratio 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.