Merewether Investment Management LP Cuts Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

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

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. grew its holdings in shares of Kinetik by 2.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock worth $515,000 after acquiring an additional 174 shares during the period. Comerica Bank grew its holdings in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after acquiring an additional 195 shares during the period. GAMMA Investing LLC grew its holdings in shares of Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after acquiring an additional 213 shares during the period. Private Advisor Group LLC grew its holdings in shares of Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock worth $502,000 after acquiring an additional 448 shares during the period. Finally, Fifth Third Bancorp purchased a new position in shares of Kinetik during the 4th quarter worth approximately $26,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the 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 completion of the sale, the insider now owns 657,583 shares in the company, valued at approximately $34,628,320.78. This represents a 61.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.83% of the stock is currently owned by company insiders.

Kinetik Trading Up 0.3%

KNTK stock traded up $0.14 during midday trading on Friday, hitting $45.34. The company's stock had a trading volume of 891,857 shares, compared to its average volume of 659,317. The firm's 50-day moving average is $46.19 and its 200-day moving average is $54.36. The company has a market cap of $7.15 billion, a PE ratio of 16.73, a P/E/G ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.24). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same period in the previous year, the company earned $0.12 earnings per share. Kinetik's quarterly revenue was up 29.8% compared to the same quarter last year. Analysts expect that Kinetik Holdings Inc. will post 1.96 earnings per share for the current 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. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 6.88%. Kinetik's payout ratio is presently 328.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on KNTK. Royal Bank of Canada dropped their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company dropped their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. UBS Group began coverage on Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target on the stock. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Finally, Scotiabank dropped their price target on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating on the stock in a research report on Monday, May 12th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $57.89.

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.