Voloridge Investment Management LLC Grows Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Voloridge Investment Management LLC raised its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 124.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 140,717 shares of the company's stock after purchasing an additional 78,113 shares during the quarter. Voloridge Investment Management LLC owned 0.09% of Kinetik worth $7,980,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp bought a new position in shares of Kinetik during the 4th quarter valued at $26,000. Canton Hathaway LLC purchased a new position in Kinetik in the fourth quarter worth about $28,000. Rialto Wealth Management LLC purchased a new position in Kinetik in the fourth quarter worth about $34,000. Comerica Bank increased its holdings in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares during the last quarter. Finally, Sterling Capital Management LLC raised its position in Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after acquiring an additional 971 shares during the period. Institutional investors own 21.11% of the company's stock.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total value 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 approximately $34,628,320.78. The trade was a 61.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.83% of the stock is owned by company insiders.

Kinetik Stock Performance

NYSE KNTK traded down $0.71 during trading hours on Wednesday, reaching $45.55. The stock had a trading volume of 760,723 shares, compared to its average volume of 926,644. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60. The stock has a fifty day moving average of $44.92 and a 200 day moving average of $53.98. The stock has a market cap of $7.19 billion, a P/E ratio of 47.95 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last posted its 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 the consensus estimate of $466.54 million. During the same period in the previous year, the company earned $0.12 EPS. Kinetik's revenue for the quarter was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 6.85%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is presently 328.42%.

Wall Street Analysts Forecast Growth

KNTK has been the subject of a number of recent research reports. Wall Street Zen upgraded Kinetik from a "sell" rating to a "hold" rating in a research note on Saturday. UBS Group initiated coverage on shares of Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective for the company. Royal Bank of Canada cut their price objective on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Citigroup upgraded Kinetik from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $58.00 to $55.00 in a report on Tuesday, May 20th. Finally, Wells Fargo & Company cut their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Kinetik currently has an average rating of "Moderate Buy" and a consensus price target of $57.11.

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.