WBI Investments LLC Acquires 9,649 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

WBI Investments LLC boosted its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 18.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 63,023 shares of the company's stock after acquiring an additional 9,649 shares during the period. Kinetik makes up approximately 0.9% of WBI Investments LLC's holdings, making the stock its 19th largest holding. WBI Investments LLC's holdings in Kinetik were worth $3,574,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after buying an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Kinetik by 14,124.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company's stock worth $820,000 after buying an additional 13,842 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Kinetik by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after buying an additional 54,081 shares in the last quarter. Jump Financial LLC lifted its holdings in Kinetik by 73.8% during the 4th quarter. Jump Financial LLC now owns 41,880 shares of the company's stock worth $2,375,000 after buying an additional 17,778 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Kinetik by 54.1% during the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock worth $13,794,000 after buying an additional 85,378 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. UBS Group assumed coverage on Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective on the stock. Mizuho cut their price target on Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Tuesday. Scotiabank cut their price target on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating on the stock in a research note on Monday, May 12th. Wells Fargo & Company cut their price target 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. Finally, Wall Street Zen raised Kinetik from a "sell" rating to a "hold" rating in a research note on Saturday. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $57.11.

Kinetik Stock Performance

Shares of KNTK traded up $0.43 during trading hours on Friday, reaching $44.84. The stock had a trading volume of 764,631 shares. The company has a market cap of $7.07 billion, a PE ratio of 47.20 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings results 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). The business had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. During the same quarter last year, the company earned $0.12 earnings per share. Kinetik's revenue for the quarter was up 29.8% on a year-over-year basis.

Kinetik Dividend Announcement

The company 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. This represents a $3.12 annualized dividend and a dividend yield of 6.96%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio is 328.42%.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the transaction, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This trade represents a 61.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.83% of the company's stock.

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.