Westwood Holdings Group Inc. Raises Position in Kinetik Holdings Inc. (NYSE:KNTK)

Westwood Holdings Group Inc. increased its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,126,832 shares of the company's stock after purchasing an additional 43,619 shares during the period. Westwood Holdings Group Inc. owned 0.71% of Kinetik worth $58,528,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Comerica Bank raised its position in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Kinetik by 141.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after purchasing an additional 664 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Kinetik by 1.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company's stock valued at $3,544,000 after acquiring an additional 738 shares during the last quarter. Sterling Capital Management LLC increased its holdings in Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after acquiring an additional 971 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Kinetik by 5.7% in the 4th quarter. MetLife Investment Management LLC now owns 23,373 shares of the company's stock valued at $1,325,000 after acquiring an additional 1,260 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the completion of the transaction, the insider directly owned 1 shares of the company's stock, valued at approximately $44.16. The trade was a 100.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.83% of the company's stock.

Kinetik Stock Down 2.3%

Kinetik stock opened at $42.13 on Wednesday. The company's 50-day moving average price is $43.08 and its 200-day moving average price is $48.71. Kinetik Holdings Inc. has a twelve month low of $38.88 and a twelve month high of $67.60. The company has a market cap of $6.65 billion, a PE ratio of 44.35 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 for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The business had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. During the same quarter last year, the firm earned $0.12 earnings per share. The business's quarterly revenue 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, August 1st. Investors 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 7.4%. Kinetik's payout ratio is currently 328.42%.

Analyst Ratings Changes

A number of brokerages have issued reports on KNTK. Mizuho reduced their price target on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a report on Tuesday, July 15th. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target on the stock. Royal Bank Of Canada reduced their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Finally, Barclays reduced their price target on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Kinetik has a consensus rating of "Moderate Buy" and an average price target of $55.56.

About Kinetik

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.

Want to see what other hedge funds are holding KNTK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kinetik Holdings Inc. (NYSE:KNTK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.