SG Americas Securities LLC Purchases New Stake in Kinetik Holdings Inc. (NYSE:KNTK)

SG Americas Securities LLC bought a new stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 12,448 shares of the company's stock, valued at approximately $647,000.

Several other hedge funds have also recently added to or reduced their stakes in KNTK. Canton Hathaway LLC acquired a new position in shares of Kinetik during the 4th quarter worth about $28,000. Rialto Wealth Management LLC purchased a new stake in Kinetik during the fourth quarter worth approximately $34,000. Comerica Bank boosted its holdings in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in Kinetik by 789.4% in the fourth 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 in the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new position in Kinetik in the fourth quarter valued at approximately $67,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Price Performance

Shares of NYSE:KNTK traded down $0.63 on Wednesday, reaching $41.95. The company's stock had a trading volume of 1,118,522 shares, compared to its average volume of 985,793. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60. The stock has a market capitalization of $6.63 billion, a P/E ratio of 44.16 and a beta of 3.05. The stock's 50-day moving average is $43.54 and its two-hundred day moving average is $52.01.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (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 company had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. During the same quarter last year, the firm earned $0.12 EPS. The business's revenue was up 29.8% on a year-over-year basis.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.44%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's payout ratio is currently 328.42%.

Analysts Set New Price Targets

Several analysts have recently weighed in on KNTK shares. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Wells Fargo & Company reduced their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. Royal Bank Of Canada decreased 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. UBS Group assumed coverage on Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price on the stock. Finally, Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Kinetik presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

Insider Transactions at Kinetik

In other 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 value of $188,213,894.40. Following the sale, the insider now owns 1 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.83% of the company's stock.

Kinetik Company 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.