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. cut its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 1.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,934,613 shares of the company's stock after selling 67,619 shares during the period. Vanguard Group Inc. owned about 2.49% of Kinetik worth $204,364,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Westwood Holdings Group Inc. lifted its position in shares of Kinetik by 4.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock worth $58,528,000 after purchasing an additional 43,619 shares during the period. Kayne Anderson Capital Advisors LP lifted its position in shares of Kinetik by 4.4% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock worth $43,117,000 after purchasing an additional 34,811 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Kinetik by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after purchasing an additional 43,629 shares during the period. Chickasaw Capital Management LLC lifted its position in shares of Kinetik by 0.8% in the 1st quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock worth $32,327,000 after purchasing an additional 4,732 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in shares of Kinetik by 34.1% in 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 purchasing an additional 150,000 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Trading Down 0.1%

Shares of NYSE:KNTK traded down $0.03 during trading on Monday, reaching $40.67. The stock had a trading volume of 888,690 shares, compared to its average volume of 943,245. Kinetik Holdings Inc. has a one year low of $39.25 and a one year high of $67.60. The company has a market capitalization of $6.59 billion, a P/E ratio of 54.96 and a beta of 3.03. The firm's 50-day simple moving average is $42.03 and its 200 day simple moving average is $46.28.

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

Kinetik Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 7.7%. Kinetik's dividend payout ratio is presently 421.62%.

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 that occurred on 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.83% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on KNTK. Barclays lowered their price target on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. UBS Group assumed coverage on shares of Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Royal Bank Of Canada lowered their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Finally, Mizuho lowered their price target on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a report on Tuesday, July 15th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.33.

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.