Kinetik Holdings Inc. $KNTK Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Kinetik Holdings by 1.7%, selling 67,619 shares, leaving it with approximately 2.49% ownership valued at $204.36 million.
• Major shareholder Isq Global Fund II Gp LLC sold over 4.26 million shares, which is a complete divestment, reducing their ownership by 100% and raising $188.2 million from the sale.
• Kinetik Holdings reported earnings of $0.33 per share in its latest quarterly report, exceeding estimates and demonstrating an 18.7% revenue increase compared to the previous year.

Vanguard Group Inc. reduced its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 1.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,934,613 shares of the company's stock after selling 67,619 shares during the quarter. Vanguard Group Inc. owned approximately 2.49% of Kinetik worth $204,364,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in KNTK. Wells Fargo & Company MN boosted its position in shares of Kinetik by 40.6% during the 4th quarter. Wells Fargo & Company MN now owns 33,080 shares of the company's stock worth $1,876,000 after acquiring an additional 9,560 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Kinetik by 18.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 27,666 shares of the company's stock worth $1,569,000 after purchasing an additional 4,366 shares in the last quarter. Legal & General Group Plc increased its position in shares of Kinetik by 13.5% during the fourth quarter. Legal & General Group Plc now owns 42,201 shares of the company's stock worth $2,393,000 after purchasing an additional 5,034 shares in the last quarter. Sterling Capital Management LLC boosted its stake in shares of Kinetik by 789.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after buying an additional 971 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in shares of Kinetik by 95.8% during the fourth quarter. NewEdge Advisors LLC now owns 44,937 shares of the company's stock worth $2,548,000 after buying an additional 21,986 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Barclays decreased their target price 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. Citigroup reiterated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Scotiabank reiterated an "outperform" rating and set a $55.00 target price on shares of Kinetik in a research note on Thursday, August 14th. Royal Bank Of Canada decreased their target price 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, Mizuho decreased their target price on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research note on Tuesday, July 15th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and an average target price of $55.33.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm'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 sale, the insider owned 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is owned by company insiders.

Kinetik Stock Up 1.8%

Shares of NYSE KNTK traded up $0.73 during midday trading on Friday, hitting $40.56. The company had a trading volume of 969,129 shares, compared to its average volume of 936,534. Kinetik Holdings Inc. has a twelve month low of $39.25 and a twelve month high of $67.60. The business has a 50-day simple moving average of $42.09 and a two-hundred day simple moving average of $46.55. The firm has a market capitalization of $6.57 billion, a price-to-earnings ratio of 54.81 and a beta of 3.03.

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

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.7%. Kinetik's dividend payout ratio (DPR) is 421.62%.

Kinetik 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.