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

Key Points

• Westwood Holdings Group Inc. has increased its position in Kinetik Holdings Inc. by 4.0%, now owning over 1.1 million shares valued at approximately $58.5 million.
• Kinetik recently declared a quarterly dividend of $0.78 per share, resulting in an annualized dividend yield of 7.4%, despite a high payout ratio of 328.42%.
• Following recent earnings reports, Kinetik stock faced a decline of 2.3%, with a reported earnings per share of $0.05, missing estimates by $0.24.

Westwood Holdings Group Inc. increased its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 4.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,126,832 shares of the company's stock after buying an additional 43,619 shares during the period. Westwood Holdings Group Inc. owned 0.71% of Kinetik worth $58,528,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Kinetik by 34.1% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock worth $30,645,000 after buying an additional 150,000 shares during the last quarter. Deutsche Bank AG boosted its stake in Kinetik by 106.8% during the 4th quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock valued at $15,838,000 after purchasing an additional 144,226 shares during the last quarter. Two Sigma Investments LP boosted its stake in Kinetik by 34.8% during the 4th quarter. Two Sigma Investments LP now owns 372,650 shares of the company's stock valued at $21,133,000 after purchasing an additional 96,210 shares during the last quarter. Tiptree Advisors LLC purchased a new stake in Kinetik during the 4th quarter valued at $5,387,000. Finally, JPMorgan Chase & Co. boosted its stake in Kinetik by 54.1% during the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock valued at $13,794,000 after purchasing an additional 85,378 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the sale, the insider directly owned 1 shares of the company's stock, valued at $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.83% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on KNTK. Mizuho cut their target price on Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 15th. Barclays dropped their price target on Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Scotiabank raised their price target on Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Finally, Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Kinetik has an average rating of "Moderate Buy" and a consensus target price of $55.56.

Kinetik Stock Down 0.8%

NYSE:KNTK traded down $0.34 on Friday, reaching $41.19. 782,197 shares of the company's stock traded hands, compared to its average volume of 1,255,160. The stock has a 50-day simple moving average of $42.85 and a 200-day simple moving average of $48.32. The firm has a market cap of $6.51 billion, a PE ratio of 55.66 and a beta of 3.03. Kinetik Holdings Inc. has a 12 month low of $39.33 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results 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 negative return on equity of 5.62% and a net margin of 8.21%. During the same period in the previous year, the business earned $0.54 EPS. The firm's revenue was up 18.7% on a year-over-year basis.

Kinetik Announces Dividend

The business also recently disclosed 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. This represents a $3.12 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's payout ratio is presently 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.