Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Merewether Investment Management LP

Merewether Investment Management LP lowered its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 70.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 198,844 shares of the company's stock after selling 463,456 shares during the period. Merewether Investment Management LP owned 0.13% of Kinetik worth $11,276,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company's stock in a transaction 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 sale, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on KNTK shares. Wells Fargo & Company reduced their price objective 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. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Barclays upped their price target on Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 16th. JPMorgan Chase & Co. upped their price target on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Finally, Royal Bank of Canada cut their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Kinetik presently has an average rating of "Moderate Buy" and a consensus price target of $57.89.

Kinetik Price Performance

Shares of KNTK stock opened at $43.35 on Tuesday. The business's fifty day moving average price is $46.60 and its 200 day moving average price is $54.49. Kinetik Holdings Inc. has a 1-year low of $37.85 and a 1-year high of $67.60. The firm has a market capitalization of $6.84 billion, a PE ratio of 15.99, a P/E/G ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share 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 business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same period in the prior year, the company earned $0.12 EPS. The company's revenue was up 29.8% on a year-over-year basis. Equities research analysts expect that Kinetik Holdings Inc. will post 1.96 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.20%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is 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.

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