Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Marshall Wace LLP

Marshall Wace LLP decreased its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 72.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,542 shares of the company's stock after selling 36,223 shares during the period. Marshall Wace LLP's holdings in Kinetik were worth $768,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of KNTK. Vanguard Group Inc. increased its holdings in Kinetik by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock valued at $226,967,000 after acquiring an additional 72,760 shares during the last quarter. Invesco Ltd. increased its position in shares of Kinetik by 3.0% during the 4th quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock valued at $70,765,000 after purchasing an additional 36,362 shares during the last quarter. Bank of New York Mellon Corp increased its position in Kinetik by 12.5% during 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 acquiring an additional 54,081 shares during the last quarter. 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 worth $24,952,000 after purchasing an additional 41,864 shares during the last quarter. Finally, Bornite Capital Management LP lifted its stake in shares of Kinetik by 25.1% during the 4th quarter. Bornite Capital Management LP now owns 438,000 shares of the company's stock worth $24,839,000 after acquiring an additional 88,000 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of research analyst reports. Royal Bank of Canada cut their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Wells Fargo & Company dropped their target price 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. Scotiabank reduced their price target on Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 6th. Finally, US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Kinetik presently has a consensus rating of "Moderate Buy" and an average target price of $58.56.

Kinetik Price Performance

NASDAQ KNTK traded down $0.14 during trading on Wednesday, hitting $40.36. The company's stock had a trading volume of 1,350,317 shares, compared to its average volume of 627,286. The company has a market cap of $6.37 billion, a PE ratio of 14.89, 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. The business's 50 day simple moving average is $47.37 and its 200-day simple moving average is $54.60.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted 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 business's revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 EPS. Analysts expect that Kinetik Holdings Inc. will post 1.96 EPS for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently declared 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 7.73%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's payout ratio is 305.88%.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares of the company's stock, valued at approximately $58,106,647.60. This trade represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.83% of the company's stock.

Kinetik Profile

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.