Panagora Asset Management Inc. Sells 8,166 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Panagora Asset Management Inc. decreased its holdings in Kinetik Holdings Inc. by 21.0% in the first quarter, bringing its total shares to 30,808, valued at approximately $1.6 million.
• Several other institutional investors, including Illinois Municipal Retirement Fund and Catalyst Capital Advisors LLC, also made adjustments to their positions in Kinetik, reflecting a growing interest in the stock.
• Kinetik's quarterly earnings report showed earnings per share of $0.33, exceeding estimates, and the company recently announced a $0.78 per share quarterly dividend, indicating a dividend yield of 7.5%.

Panagora Asset Management Inc. cut its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 21.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,808 shares of the company's stock after selling 8,166 shares during the period. Panagora Asset Management Inc.'s holdings in Kinetik were worth $1,600,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank raised its holdings in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after acquiring an additional 195 shares during the period. Nisa Investment Advisors LLC increased its position in Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after acquiring an additional 664 shares during the last quarter. Rossby Financial LCC bought a new position in Kinetik in the 1st quarter worth $78,000. KBC Group NV purchased a new position in shares of Kinetik in the 1st quarter worth $95,000. Finally, Covestor Ltd boosted its position in shares of Kinetik by 4,129.6% during the first quarter. Covestor Ltd now owns 3,426 shares of the company's stock valued at $178,000 after buying an additional 3,345 shares during the period. 21.11% of the stock is owned by institutional investors.

Kinetik Price Performance

Shares of Kinetik stock traded down $0.50 during trading on Monday, reaching $41.45. 762,869 shares of the stock traded hands, compared to its average volume of 1,083,183. The business has a fifty day simple moving average of $41.86 and a two-hundred day simple moving average of $45.05. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of 56.01 and a beta of 3.16. Kinetik Holdings Inc. has a 52-week low of $39.25 and a 52-week high of $67.60.

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

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were paid a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.5%. Kinetik's dividend payout ratio is presently 421.62%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on KNTK. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Royal Bank Of Canada reduced their price target on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Citigroup reissued a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Scotiabank restated an "outperform" rating on shares of Kinetik in a research report on Monday. Finally, Barclays dropped their price objective 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. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Kinetik has an average rating of "Moderate Buy" and a consensus target price of $54.67.

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.