Nuveen LLC Takes Position in Kinetik Holdings Inc. $KNTK

Key Points

• Nuveen LLC invested approximately $4.20 million in Kinetik Holdings Inc. by purchasing 80,882 shares, representing 0.05% ownership at the end of the last quarter.
• Several institutional investors, including Comerica Bank and Nisa Investment Advisors LLC, significantly increased their stakes in Kinetik, highlighting growing interest in the company.
• Kinetik recently announced a quarterly dividend of $0.78 per share, which contributes to a high dividend yield of 7.5% despite its substantial payout ratio of 421.62%.

Nuveen LLC bought a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 80,882 shares of the company's stock, valued at approximately $4,201,000. Nuveen LLC owned approximately 0.05% of Kinetik at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of KNTK. Comerica Bank lifted its holdings in shares of Kinetik by 32.2% during 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 last quarter. Nisa Investment Advisors LLC lifted 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 purchasing an additional 664 shares during the last quarter. Rossby Financial LCC purchased a new stake in shares of Kinetik during the 1st quarter valued at $78,000. KBC Group NV purchased a new stake in shares of Kinetik during the 1st quarter valued at $95,000. Finally, Covestor Ltd lifted 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 purchasing an additional 3,345 shares during the last quarter. Institutional investors own 21.11% of the company's stock.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the sale, the insider directly owned 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.83% of the stock is owned by company insiders.

Kinetik Trading Down 1.9%

KNTK traded down $0.81 during midday trading on Friday, hitting $41.96. 7,594,176 shares of the company were exchanged, compared to its average volume of 1,035,314. The company's 50 day simple moving average is $41.96 and its 200 day simple moving average is $45.82. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 56.70 and a beta of 3.03. Kinetik Holdings Inc. has a 1-year low of $39.25 and a 1-year high of $67.60.

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

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.4%. Kinetik's dividend payout ratio (DPR) is 421.62%.

Analyst Ratings Changes

KNTK has been the subject of several analyst reports. Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Royal Bank Of Canada reduced their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Barclays reduced their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Finally, Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.89.

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.