Walleye Capital LLC Trims Position in Kinetik Holdings Inc. $KNTK

Key Points

• Walleye Capital LLC reduced its stake in Kinetik Holdings Inc. by 35.6%, selling 17,930 shares and leaving them with 32,371 shares valued at approximately $1.68 million.
• Kinetik reported a quarterly EPS of $0.33, significantly exceeding analysts' expectations of $0.14, although it represents a decline from the previous year's EPS of $0.54.
• The company announced a quarterly dividend of $0.78, which corresponds to an annualized dividend of $3.12 and a dividend yield of 7.4%.

Walleye Capital LLC cut its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 35.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,371 shares of the company's stock after selling 17,930 shares during the quarter. Walleye Capital LLC's holdings in Kinetik were worth $1,681,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Comerica Bank lifted its stake in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after purchasing an additional 664 shares in the last quarter. Rossby Financial LCC purchased a new position in Kinetik in the 1st quarter worth approximately $78,000. KBC Group NV purchased a new position in Kinetik in the 1st quarter worth approximately $95,000. Finally, Covestor Ltd lifted its stake in Kinetik by 4,129.6% in the 1st quarter. Covestor Ltd now owns 3,426 shares of the company's stock worth $178,000 after purchasing an additional 3,345 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on KNTK shares. Barclays decreased their target price on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Zacks Research upgraded shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Citigroup restated a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Finally, Royal Bank Of Canada cut their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and an average price target of $54.89.

Kinetik Stock Performance

Shares of NYSE:KNTK traded up $0.50 during trading on Thursday, hitting $41.95. The company's stock had a trading volume of 95,417 shares, compared to its average volume of 1,077,842. The business has a 50 day moving average price of $41.92 and a two-hundred day moving average price of $45.52. The company has a market capitalization of $6.79 billion, a PE ratio of 56.69 and a beta of 3.16. Kinetik Holdings Inc. has a fifty-two week low of $39.25 and a fifty-two week high of $67.60.

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

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.4%. Kinetik's payout ratio 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.