Russell Investments Group Ltd. grew its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 14.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,309 shares of the company's stock after purchasing 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.
Several other hedge funds and other institutional investors also recently bought and sold shares of KNTK. Westwood Holdings Group Inc. grew its position in Kinetik by 78.3% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock worth $61,429,000 after purchasing an additional 475,606 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Kinetik by 34.1% during 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 acquiring an additional 150,000 shares during the period. Deutsche Bank AG lifted its holdings in shares of Kinetik by 106.8% during the 4th quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock worth $15,838,000 after acquiring an additional 144,226 shares during the period. Eagle Global Advisors LLC bought a new position in shares of Kinetik during the 1st quarter worth about $6,889,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Kinetik by 204.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 167,035 shares of the company's stock worth $8,676,000 after acquiring an additional 112,157 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Kinetik
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 shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider directly owned 1 shares of the company's stock, valued at approximately $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.83% of the company's stock.
Analyst Ratings Changes
A number of research firms have recently commented on KNTK. Mizuho reduced their price objective on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a report on Tuesday, July 15th. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. 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 report on Monday, July 14th. Finally, Scotiabank reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Kinetik in a report on Thursday, August 14th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Kinetik presently has an average rating of "Moderate Buy" and an average price target of $55.33.
Check Out Our Latest Stock Report on KNTK
Kinetik Stock Performance
Shares of NYSE KNTK traded up $0.90 during trading on Thursday, reaching $42.79. The company had a trading volume of 1,414,876 shares, compared to its average volume of 1,035,125. Kinetik Holdings Inc. has a 52 week low of $39.25 and a 52 week high of $67.60. The stock has a market cap of $6.93 billion, a PE ratio of 57.82 and a beta of 3.03. The business's 50 day moving average price is $41.98 and its 200-day moving average price is $46.22.
Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates 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 prior year, the firm earned $0.54 earnings per share. The business's revenue was up 18.7% on a year-over-year basis.
Kinetik Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.3%. Kinetik's payout ratio is currently 421.62%.
About Kinetik
(
Free Report)
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.
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