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

Other hedge funds have also added to or reduced their stakes in the company. Comerica Bank lifted its stake in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after purchasing an additional 664 shares during the last quarter. Rossby Financial LCC bought a new stake in Kinetik in the first quarter worth $78,000. KBC Group NV bought a new stake in Kinetik in the first quarter worth $95,000. Finally, Covestor Ltd raised its stake in shares of Kinetik by 4,129.6% during the first quarter. Covestor Ltd now owns 3,426 shares of the company's stock valued at $178,000 after acquiring an additional 3,345 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on KNTK. Royal Bank Of Canada lowered their price objective 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. Scotiabank reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Kinetik in a research note on Thursday, August 14th. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Finally, Barclays lowered their price objective 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. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $54.89.

Kinetik Price Performance

KNTK stock traded up $1.24 during trading on Thursday, reaching $42.69. The company had a trading volume of 976,018 shares, compared to its average volume of 1,358,344. Kinetik Holdings Inc. has a 52 week low of $39.25 and a 52 week high of $67.60. The company has a market cap of $6.91 billion, a P/E ratio of 57.69 and a beta of 3.16. The business has a 50 day moving average of $41.90 and a 200 day moving average of $45.39.

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

Kinetik Dividend Announcement

The firm also recently announced 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 of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.3%. Kinetik's dividend payout ratio (DPR) is currently 421.62%.

Kinetik Company 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.