OMERS ADMINISTRATION Corp Buys 30,000 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• OMERS ADMINISTRATION Corp increased its stake in Kinetik Holdings Inc. by 329.7% during the first quarter, owning 39,100 shares worth $2.03 million after acquiring an additional 30,000 shares.
• Major shareholder Isq Global Fund II GP LLC sold over 4.26 million shares of Kinetik, decreasing their ownership by 100%.
• Kinetik recently announced a quarterly dividend of $0.78 per share, reflecting an annual yield of 7.4% and a significant payout ratio of 421.62%.

OMERS ADMINISTRATION Corp raised its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 329.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 39,100 shares of the company's stock after buying an additional 30,000 shares during the period. OMERS ADMINISTRATION Corp's holdings in Kinetik were worth $2,031,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of KNTK. Comerica Bank lifted its stake 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. Nisa Investment Advisors LLC raised its stake in Kinetik by 141.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after buying an additional 664 shares during the period. Jump Financial LLC raised its stake in Kinetik by 1.6% during the 1st quarter. Jump Financial LLC now owns 42,559 shares of the company's stock worth $2,211,000 after buying an additional 679 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake 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 buying an additional 738 shares during the period. Finally, Rossby Financial LCC acquired a new stake in Kinetik during the 1st quarter worth $78,000. 21.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on KNTK shares. Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Mizuho set a $53.00 target price on Kinetik and gave the stock an "outperform" rating in a report on Friday, August 29th. Scotiabank reiterated an "outperform" rating and set a $55.00 target price on shares of Kinetik in a report on Thursday, August 14th. Royal Bank Of Canada lowered their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Finally, Barclays lowered their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Kinetik presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.89.

Kinetik Price Performance

KNTK stock traded up $1.00 during trading hours on Thursday, reaching $42.45. 511,704 shares of the stock were exchanged, compared to its average volume of 1,080,277. The company has a market cap of $6.87 billion, a price-to-earnings ratio of 57.36 and a beta of 3.16. The firm's 50-day moving average is $41.92 and its 200-day moving average is $45.52. Kinetik Holdings Inc. has a 12 month low of $39.25 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, beating 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 quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 earnings per share.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were issued a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.3%. 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.