Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Acquired by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. boosted its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 78.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,083,213 shares of the company's stock after acquiring an additional 475,606 shares during the quarter. Westwood Holdings Group Inc. owned 0.69% of Kinetik worth $61,429,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Fifth Third Bancorp bought a new stake in Kinetik during the 4th quarter valued at $26,000. Canton Hathaway LLC bought a new position in shares of Kinetik in the 4th quarter worth $28,000. Rialto Wealth Management LLC acquired a new position in Kinetik during the 4th quarter valued at about $34,000. Comerica Bank increased its position in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares in the last quarter. Finally, Sterling Capital Management LLC increased its position in Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after buying an additional 971 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Royal Bank of Canada reduced their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Mizuho cut their price objective on Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Tuesday. UBS Group began coverage on Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective on the stock. Finally, Citigroup raised Kinetik from a "neutral" rating to a "buy" rating and cut their price objective for the company from $58.00 to $55.00 in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $57.11.

Kinetik Stock Up 0.1%

Shares of KNTK traded up $0.06 during mid-day trading on Thursday, reaching $44.42. The company had a trading volume of 795,708 shares, compared to its average volume of 668,060. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60. The stock has a market capitalization of $7.01 billion, a P/E ratio of 16.39, a PEG ratio of 1.52 and a beta of 3.03. The stock has a 50 day moving average of $45.76 and a two-hundred day moving average of $54.25.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. During the same quarter in the previous year, the company earned $0.12 EPS. The firm's quarterly revenue was up 29.8% compared to the same quarter last year. On average, sell-side analysts expect that Kinetik Holdings Inc. will post 1.96 earnings per share for the current year.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were paid a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.02%. Kinetik's payout ratio is 328.42%.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was 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 in the company, valued at approximately $58,106,647.60. This represents a 79.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.83% of the company's stock.

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.