WBI Investments LLC Boosts Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

WBI Investments LLC raised its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 18.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,023 shares of the company's stock after purchasing an additional 9,649 shares during the quarter. Kinetik accounts for approximately 0.9% of WBI Investments LLC's investment portfolio, making the stock its 19th largest holding. WBI Investments LLC's holdings in Kinetik were worth $3,574,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Fifth Third Bancorp purchased a new position in Kinetik during the 4th quarter valued at about $26,000. Canton Hathaway LLC purchased a new position in shares of Kinetik in the 4th quarter valued at $28,000. Rialto Wealth Management LLC purchased a new stake in shares of Kinetik during the 4th quarter worth $34,000. Comerica Bank grew its stake in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the last quarter. Finally, Sterling Capital Management LLC raised its holdings 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 purchasing an additional 971 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were 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. The trade was a 79.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.83% of the company's stock.

Kinetik Stock Up 0.3%

Shares of KNTK opened at $45.34 on Monday. The company has a market capitalization of $7.15 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a 52 week low of $37.85 and a 52 week high of $67.60. The stock's 50-day moving average price is $46.19 and its 200-day moving average price is $54.40.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced 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 business had revenue of $443.26 million for the quarter, compared to analysts' expectations of $466.54 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company's quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the business earned $0.12 EPS. As a group, equities analysts anticipate that Kinetik Holdings Inc. will post 1.96 EPS for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.88%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is 328.42%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. 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. Wells Fargo & Company reduced their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Barclays raised their price objective on Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 16th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Finally, Scotiabank lowered their price target on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a report on Monday, May 12th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $57.89.

About Kinetik

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.

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