Quantbot Technologies LP Purchases 82,608 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Quantbot Technologies LP increased its holdings in Kinetik Holdings Inc. by 142%, acquiring an additional 82,608 shares, bringing their total ownership to 140,769 shares valued at $7.31 million.
• Kinetik reported a quarterly EPS of $0.33, exceeding analysts' expectations of $0.14, with a revenue increase of 18.7% compared to the previous year.
• The company announced a quarterly dividend of $0.78 per share, resulting in a 7.6% yield, with a payout ratio of 421.62%.

Quantbot Technologies LP raised its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 142.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 140,769 shares of the company's stock after buying an additional 82,608 shares during the quarter. Quantbot Technologies LP owned about 0.09% of Kinetik worth $7,312,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in shares of Kinetik by 40.6% in the 4th quarter. Wells Fargo & Company MN now owns 33,080 shares of the company's stock worth $1,876,000 after purchasing an additional 9,560 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Kinetik by 18.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 27,666 shares of the company's stock worth $1,569,000 after purchasing an additional 4,366 shares during the last quarter. Legal & General Group Plc raised its position in shares of Kinetik by 13.5% in the 4th quarter. Legal & General Group Plc now owns 42,201 shares of the company's stock worth $2,393,000 after purchasing an additional 5,034 shares during the last quarter. Sterling Capital Management LLC raised its position in shares of Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after purchasing an additional 971 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Kinetik by 95.8% in the 4th quarter. NewEdge Advisors LLC now owns 44,937 shares of the company's stock worth $2,548,000 after purchasing an additional 21,986 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on KNTK. Scotiabank reaffirmed an "outperform" rating and issued a $55.00 price target on shares of Kinetik in a research report on Thursday, August 14th. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. UBS Group began coverage on Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Barclays lowered their price target on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Finally, Mizuho reduced their price objective on Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a report on Tuesday, July 15th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and an average price target of $55.33.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business'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 completion of the sale, the insider directly owned 1 shares in the company, valued at $44.16. The trade was a 100.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.83% of the stock is currently owned by corporate insiders.

Kinetik Price Performance

NYSE KNTK traded up $0.73 during trading hours on Friday, hitting $40.56. The company's stock had a trading volume of 969,129 shares, compared to its average volume of 936,534. Kinetik Holdings Inc. has a 12 month low of $39.25 and a 12 month high of $67.60. The company's 50 day simple moving average is $42.09 and its two-hundred day simple moving average is $46.67. The company has a market cap of $6.57 billion, a P/E ratio of 54.81 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data 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 negative return on equity of 6.16% and a net margin of 8.21%.During the same period in the prior year, the business posted $0.54 earnings per share. Kinetik's quarterly revenue was up 18.7% compared to the same quarter last year.

Kinetik Announces Dividend

The company also recently declared 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. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date was Friday, July 25th. Kinetik's payout ratio is currently 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.