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

Westwood Holdings Group Inc. boosted its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 78.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,083,213 shares of the company's stock after buying an additional 475,606 shares during the period. Westwood Holdings Group Inc. owned approximately 0.69% of Kinetik worth $61,429,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of KNTK. Fifth Third Bancorp purchased a new stake in Kinetik in the 4th quarter valued at about $26,000. Canton Hathaway LLC acquired a new position in shares of Kinetik during the fourth quarter worth about $28,000. Rialto Wealth Management LLC purchased a new position in Kinetik in the fourth quarter valued at approximately $34,000. Comerica Bank increased 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 boosted its holdings in shares of Kinetik by 789.4% in the fourth 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 period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Scotiabank decreased their price objective on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a report on Monday, May 12th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Royal Bank of Canada decreased their price objective on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Wall Street Zen upgraded Kinetik from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Wells Fargo & Company cut their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.11.

Kinetik Trading Up 1.0%

Kinetik stock traded up $0.43 during midday trading on Friday, reaching $44.84. 764,631 shares of the company were exchanged. The stock 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 issued its quarterly 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 during the quarter, compared to analysts' expectations of $466.54 million. During the same quarter last year, the firm posted $0.12 earnings per share. The company's revenue was up 29.8% compared to the same quarter last year.

Kinetik Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 6.96%. The ex-dividend date was Friday, April 25th. Kinetik's payout ratio is 328.42%.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik 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 transaction, the insider now directly owns 657,583 shares of the company's stock, valued at $34,628,320.78. The trade was a 61.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate 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.