Graham Capital Management L.P. Sells 9,438 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Graham Capital Management L.P. lowered its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 21.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,546 shares of the company's stock after selling 9,438 shares during the quarter. Graham Capital Management L.P.'s holdings in Kinetik were worth $2,016,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Kinetik by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after purchasing an additional 72,760 shares during the period. Invesco Ltd. increased its position in shares of Kinetik by 3.0% in the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after purchasing an additional 36,362 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Kinetik by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after purchasing an additional 43,629 shares during the period. Bank of New York Mellon Corp increased its position in shares of Kinetik by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after purchasing an additional 54,081 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Kinetik by 10.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company's stock worth $24,952,000 after purchasing an additional 41,864 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on KNTK shares. JPMorgan Chase & Co. raised their price target on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. UBS Group initiated coverage on Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 target price on the stock. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Scotiabank decreased their target price on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating on the stock in a research report on Monday. Finally, Royal Bank of Canada decreased 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. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Kinetik has an average rating of "Moderate Buy" and a consensus target price of $57.89.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business's stock in a transaction that occurred on 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 approximately $34,628,320.78. The trade was a 61.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.83% of the stock is owned by insiders.

Kinetik Price Performance

Shares of Kinetik stock traded up $1.59 during midday trading on Wednesday, reaching $46.56. The company had a trading volume of 4,569,736 shares, compared to its average volume of 650,881. The stock has a fifty day moving average price of $46.38 and a 200 day moving average price of $54.37. The firm has a market cap of $7.35 billion, a PE ratio of 17.18, a P/E/G ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60.

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

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.70%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio is currently 328.42%.

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.