Yaupon Capital Management LP Makes New Investment in Kinetik Holdings Inc. $KNTK

Key Points

• Yaupon Capital Management LP acquired 200,000 shares of Kinetik Holdings Inc. worth approximately $10.4 million, representing a 0.13% ownership stake in the company.
• Kinetik's recent quarterly earnings report showed an EPS of $0.33, surpassing analysts' expectations of $0.14, although it reflected a decrease compared to the previous year's EPS of $0.54.
• The company declared a quarterly dividend of $0.78 per share, which translates to a 7.5% dividend yield, despite having a significantly high dividend payout ratio of 421.62%.

Yaupon Capital Management LP acquired a new position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 200,000 shares of the company's stock, valued at approximately $10,388,000. Yaupon Capital Management LP owned approximately 0.13% of Kinetik as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of KNTK. Price T Rowe Associates Inc. MD raised its stake in Kinetik by 22.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,302 shares of the company's stock worth $868,000 after purchasing an additional 2,797 shares in the last quarter. Northern Trust Corp increased its holdings in Kinetik by 3.2% in the 4th quarter. Northern Trust Corp now owns 391,523 shares of the company's stock valued at $22,203,000 after buying an additional 12,114 shares during the period. Comerica Bank increased its holdings in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares during the period. BNP Paribas Financial Markets bought a new position in Kinetik in the 4th quarter valued at about $2,656,000. Finally, Balyasny Asset Management L.P. increased its holdings in Kinetik by 349.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 46,626 shares of the company's stock valued at $2,644,000 after buying an additional 36,250 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

Shares of Kinetik stock traded up $0.54 during midday trading on Friday, hitting $43.79. 1,202,920 shares of the company traded hands, compared to its average volume of 1,421,010. The stock has a market cap of $7.09 billion, a price-to-earnings ratio of 59.18 and a beta of 3.16. The firm's fifty day moving average price is $41.74 and its 200-day moving average price is $44.70. Kinetik Holdings Inc. has a 12 month low of $39.25 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. The firm's revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's payout ratio is presently 421.62%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Scotiabank reissued an "outperform" rating on shares of Kinetik in a report on Monday, September 8th. Barclays decreased their target price 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. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Finally, Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $54.67.

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.