9,100 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Purchased by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp purchased a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 9,100 shares of the company's stock, valued at approximately $516,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of KNTK. Fifth Third Bancorp bought a new stake in shares of Kinetik during the 4th quarter valued at $26,000. Canton Hathaway LLC purchased a new position in Kinetik during the fourth quarter valued at $28,000. Rialto Wealth Management LLC bought a new stake in Kinetik during the fourth quarter valued at about $34,000. Comerica Bank grew its holdings in Kinetik by 32.2% during the fourth 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. Finally, Sterling Capital Management LLC increased its position in Kinetik by 789.4% in 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. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now directly owns 657,583 shares of the company's stock, valued at $34,628,320.78. This trade represents a 61.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Royal Bank of Canada cut their price objective on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Scotiabank dropped their target price on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a report on Monday, May 12th. Mizuho dropped their price objective on Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research note on Tuesday. Citigroup raised Kinetik from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $58.00 to $55.00 in a report on Tuesday. Finally, Wells Fargo & Company dropped their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $57.11.

Kinetik Stock Up 0.1%

NASDAQ KNTK traded up $0.06 during trading on Thursday, hitting $44.42. 795,708 shares of the stock traded hands, compared to its average volume of 667,308. Kinetik Holdings Inc. has a 12-month low of $37.85 and a 12-month high of $67.60. The firm has a 50-day simple moving average of $45.76 and a 200-day simple moving average of $54.25. The company has a market capitalization of $7.01 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The firm's revenue was up 29.8% compared to the same quarter last year. As a group, research analysts predict that Kinetik Holdings Inc. will post 1.96 EPS for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.02%. Kinetik's dividend payout ratio (DPR) is currently 328.42%.

Kinetik Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.