Russell Investments Group Ltd. Buys 6,292 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Russell Investments Group Ltd. increased its position in Kinetik Holdings by 14.3%, owning 50,309 shares valued at approximately $2.61 million.
• Multiple hedge funds have also invested in Kinetik, with Nisa Investment Advisors increasing its stake by 141.6% during the same quarter.
• Kinetik's recent earnings report showed an EPS of $0.33, significantly beating the consensus estimate of $0.14.

Russell Investments Group Ltd. raised its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 14.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,309 shares of the company's stock after buying an additional 6,292 shares during the period. Russell Investments Group Ltd.'s holdings in Kinetik were worth $2,613,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Illinois Municipal Retirement Fund acquired a new stake in shares of Kinetik during the 1st quarter valued at $615,000. Catalyst Capital Advisors LLC lifted its stake in shares of Kinetik by 10.2% in the 1st quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company's stock valued at $14,049,000 after purchasing an additional 24,933 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Kinetik in the 1st quarter valued at $970,000. SG Americas Securities LLC acquired a new stake in shares of Kinetik in the 1st quarter valued at $647,000. Finally, Cetera Investment Advisers lifted its stake in shares of Kinetik by 147.8% in the 1st quarter. Cetera Investment Advisers now owns 13,183 shares of the company's stock valued at $685,000 after purchasing an additional 7,862 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Insider Activity

In other 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 shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the transaction, the insider owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.83% of the company's stock.

Kinetik Trading Down 1.9%

KNTK traded down $0.81 during trading on Friday, hitting $41.96. The stock had a trading volume of 7,594,176 shares, compared to its average volume of 1,035,314. The firm has a market cap of $6.79 billion, a PE ratio of 56.70 and a beta of 3.03. Kinetik Holdings Inc. has a 12 month low of $39.25 and a 12 month high of $67.60. The company has a 50 day simple moving average of $41.96 and a 200-day simple moving average of $45.82.

Kinetik (NYSE:KNTK - Get Free Report) last announced 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%. The firm's revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 EPS.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were issued a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.4%. Kinetik's payout ratio is presently 421.62%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on KNTK. Barclays reduced their price objective on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Scotiabank reaffirmed an "outperform" rating and issued a $55.00 price objective on shares of Kinetik in a research note on Thursday, August 14th. Royal Bank Of Canada reduced their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Finally, Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $54.89.

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.