Tribune Investment Group LP Buys Shares of 90,000 Kinetik Holdings Inc. $KNTK

Key Points

• Tribune Investment Group LP has made a new investment in Kinetik Holdings Inc., acquiring 90,000 shares valued at approximately $4.67 million, now constituting about 2.0% of its holdings.
• Kinetik recently declared a quarterly dividend of $0.78, reflecting an annual yield of 7.9%, with a significant dividend payout ratio of 421.62%.
• The company's stock performance has fluctuated, with a 52-week low of $39.25 and a high of $67.60, as it currently holds a market capitalization of $6.43 billion.

Tribune Investment Group LP acquired a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 90,000 shares of the company's stock, valued at approximately $4,675,000. Kinetik comprises approximately 2.0% of Tribune Investment Group LP's holdings, making the stock its 25th largest holding. Tribune Investment Group LP owned about 0.06% of Kinetik as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Westwood Holdings Group Inc. increased its stake in shares of Kinetik by 78.3% in the fourth 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 in the last quarter. HITE Hedge Asset Management LLC purchased a new position in shares of Kinetik in the first quarter worth about $18,608,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Kinetik by 34.1% in the first 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. Deutsche Bank AG increased its stake in shares of Kinetik by 106.8% in the fourth quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock worth $15,838,000 after purchasing an additional 144,226 shares in the last quarter. Finally, Eagle Global Advisors LLC purchased a new position in Kinetik during the first quarter valued at approximately $6,889,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Price Performance

Kinetik stock traded up $0.73 during mid-day trading on Friday, reaching $40.56. The stock had a trading volume of 969,129 shares, compared to its average volume of 936,534. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of 54.81 and a beta of 3.03. The company has a 50-day moving average price of $42.09 and a two-hundred day moving average price of $46.55. Kinetik Holdings Inc. has a one year low of $39.25 and a one year high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) 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%. The company's revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.54 EPS.

Kinetik Dividend Announcement

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 dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.7%. Kinetik's dividend payout ratio is currently 421.62%.

Analyst Upgrades and Downgrades

KNTK has been the subject of several research analyst reports. Citigroup reiterated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Mizuho dropped their target price on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research report on Tuesday, July 15th. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective for the company. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Finally, Barclays lowered 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. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.33.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company'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. This represents a 100.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.