Round Rock Advisors LLC Increases Stock Position in Kinetik Holdings Inc. (NYSE:KNTK)

Round Rock Advisors LLC increased its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 164.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,152 shares of the company's stock after purchasing an additional 8,807 shares during the period. Round Rock Advisors LLC's holdings in Kinetik were worth $735,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Westwood Holdings Group Inc. raised its holdings in Kinetik by 78.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after buying an additional 475,606 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in Kinetik by 8,475.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock worth $24,442,000 after purchasing an additional 425,977 shares in the last quarter. Prudential Financial Inc. raised its holdings in Kinetik by 391.1% in the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock worth $22,250,000 after purchasing an additional 312,458 shares in the last quarter. Raymond James Financial Inc. bought a new position in Kinetik in the 4th quarter worth $11,241,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Kinetik by 34.1% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock worth $30,645,000 after purchasing an additional 150,000 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Price Performance

KNTK stock traded down $0.03 during trading on Friday, hitting $41.41. 1,390,229 shares of the stock traded hands, compared to its average volume of 1,106,258. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60. The firm's 50 day moving average is $43.69 and its two-hundred day moving average is $50.78. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 43.59 and a beta of 3.00.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The firm had revenue of $443.26 million for the quarter, compared to analysts' expectations of $466.54 million. During the same period last year, the company posted $0.12 earnings per share. The business's revenue for the quarter was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 7.53%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is 328.42%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Barclays set a $48.00 price objective on shares of Kinetik and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. UBS Group initiated coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Scotiabank increased their price target on shares of Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. Finally, Citigroup reiterated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

Insider Buying and Selling

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's 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 sale, the insider 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 through this link. Company insiders own 3.83% of the company's stock.

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.