Kinetik Holdings Inc. $KNTK is Pinnacle Holdings LLC's 5th Largest Position

Key Points

• Pinnacle Holdings LLC sold 7,770 shares of Kinetik Holdings Inc., reducing its stake by 8% to own 89,039 shares, which now represents 1.8% of their investment portfolio.
• Kinetik Holdings reported a quarterly EPS of $0.33, exceeding analysts' expectations, with a year-on-year revenue increase of 18.7%.
• The company has a dividend yield of 7.6% after announcing a quarterly dividend of $0.78 per share, despite a high dividend payout ratio of 421.62%.

Pinnacle Holdings LLC lowered its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 8.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 89,039 shares of the company's stock after selling 7,770 shares during the period. Kinetik comprises about 1.8% of Pinnacle Holdings LLC's investment portfolio, making the stock its 5th biggest position. Pinnacle Holdings LLC owned 0.06% of Kinetik worth $4,625,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in KNTK. Comerica Bank grew 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 grew 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. Sterling Capital Management LLC grew its holdings in shares of Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after purchasing an additional 971 shares during the last quarter. Rossby Financial LCC bought a new position in shares of Kinetik during the 1st quarter valued at $78,000. Finally, KBC Group NV bought a new position in shares of Kinetik during the 1st quarter valued at $95,000. Institutional investors own 21.11% of the company's stock.

Insider Transactions at Kinetik

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

Wall Street Analysts Forecast Growth

KNTK has been the topic of several recent research reports. Royal Bank Of Canada reduced their target price on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Mizuho cut their price target on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a report on Tuesday, July 15th. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target on the stock. Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Finally, Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Kinetik has an average rating of "Moderate Buy" and an average price target of $55.33.

Kinetik Stock Up 0.0%

Shares of NYSE:KNTK traded up $0.01 on Thursday, hitting $39.74. The company had a trading volume of 412,278 shares, compared to its average volume of 1,021,070. The firm's 50-day simple moving average is $42.26 and its two-hundred day simple moving average is $47.00. Kinetik Holdings Inc. has a 1 year low of $39.25 and a 1 year high of $67.60. The firm has a market capitalization of $6.44 billion, a price-to-earnings ratio of 53.70 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping 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%. During the same period in the previous year, the business posted $0.54 earnings per share. The business's quarterly revenue was up 18.7% on a year-over-year basis.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's dividend payout ratio (DPR) is 421.62%.

Kinetik 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.