Vident Advisory LLC Invests $3.05 Million in Kinetik Holdings Inc. (NASDAQ:KNTK)

Vident Advisory LLC bought a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 53,730 shares of the company's stock, valued at approximately $3,047,000.

Several other institutional investors and hedge funds also recently bought and sold shares of KNTK. WBI Investments LLC increased its holdings in shares of Kinetik by 18.1% during the 4th quarter. WBI Investments LLC now owns 63,023 shares of the company's stock worth $3,574,000 after buying an additional 9,649 shares during the last quarter. Westwood Holdings Group Inc. grew its position in 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 acquiring an additional 475,606 shares during the period. Two Sigma Advisers LP increased its stake in Kinetik by 5.9% during the fourth quarter. Two Sigma Advisers LP now owns 390,880 shares of the company's stock worth $22,167,000 after acquiring an additional 21,900 shares during the last quarter. Two Sigma Investments LP increased its stake in Kinetik by 34.8% during the fourth quarter. Two Sigma Investments LP now owns 372,650 shares of the company's stock worth $21,133,000 after acquiring an additional 96,210 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC purchased a new stake in Kinetik in the fourth quarter valued at $867,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on KNTK. Citigroup upgraded shares of Kinetik from a "neutral" rating to a "buy" rating and dropped their price target for the company from $58.00 to $55.00 in a research report on Tuesday. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Mizuho reduced their price target on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research report on Tuesday. Wells Fargo & Company dropped their price objective on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Finally, Royal Bank of Canada reduced their target price on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Kinetik has an average rating of "Moderate Buy" and an average target price of $57.11.

Kinetik Trading Up 1.0%

Shares of KNTK stock traded up $0.42 on Friday, reaching $44.83. 764,631 shares of the stock were exchanged, compared to its average volume of 669,684. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.52 and a beta of 3.03. The business's 50 day moving average price is $45.40 and its 200 day moving average price is $54.19. Kinetik Holdings Inc. has a twelve month low of $37.85 and a twelve month high of $67.60.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings data 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 negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same period in the prior year, the company posted $0.12 earnings per share. The company's revenue was up 29.8% compared to the same quarter last year. Equities research analysts forecast that Kinetik Holdings Inc. will post 1.96 earnings per share for the current year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were paid a $0.78 dividend. The ex-dividend date of this dividend 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%.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the transaction, the insider now owns 1,044,520 shares of the company's stock, valued at approximately $58,106,647.60. This trade represents a 79.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.83% of the stock is owned by corporate insiders.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.