Two Sigma Advisers LP Has $22.17 Million Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Two Sigma Advisers LP boosted its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 5.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 390,880 shares of the company's stock after purchasing an additional 21,900 shares during the quarter. Two Sigma Advisers LP owned approximately 0.25% of Kinetik worth $22,167,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in KNTK. Fifth Third Bancorp acquired a new stake in shares of Kinetik in the 4th quarter worth $26,000. Canton Hathaway LLC purchased a new stake in Kinetik during the fourth quarter worth about $28,000. Rialto Wealth Management LLC acquired a new position in Kinetik during the fourth quarter worth about $34,000. Comerica Bank increased 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 buying an additional 195 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after acquiring an additional 971 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Mizuho lowered their target price on Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Tuesday, May 20th. 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 objective on the stock. Barclays set a $48.00 target price on shares of Kinetik and gave the stock an "equal weight" rating in a research report on Tuesday, May 20th. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Finally, Citigroup upgraded Kinetik from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $58.00 to $55.00 in a research report on Tuesday, May 20th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.11.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares of the company's stock, valued at $34,628,320.78. This trade represents a 61.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.83% of the stock is currently owned by company insiders.

Kinetik Price Performance

Shares of KNTK stock traded up $0.43 during mid-day trading on Monday, reaching $44.84. The company's stock had a trading volume of 764,631 shares. The firm's 50-day moving average is $45.40 and its 200 day moving average is $54.18. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 47.20 and a beta of 3.03.

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 analysts' consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same period in the previous year, the business posted $0.12 EPS. The company's revenue was up 29.8% on a year-over-year basis.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were paid a dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 6.96%. Kinetik's dividend payout ratio is currently 328.42%.

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.