Kinetik (NYSE:KNTK) Insider Jamie Welch Purchases 5,000 Shares

Key Points

• Jamie Welch, an insider at Kinetik Holdings Inc., purchased 5,000 shares of the company's stock at an average price of $39.13, increasing his ownership stake to approximately 3.67 million shares.
• Kinetik recently announced a quarterly dividend of $0.78 per share, yielding about 8.1%, with a high dividend payout ratio of 421.62%.
• The stock trades at around $38.60, with a market cap of $6.25 billion and a recent earnings report showing a 18.7% year-over-year revenue growth.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) insider Jamie Welch purchased 5,000 shares of the firm's stock in a transaction on Thursday, October 2nd. The stock was acquired at an average price of $39.13 per share, with a total value of $195,650.00. Following the completion of the transaction, the insider owned 3,676,399 shares in the company, valued at approximately $143,857,492.87. This trade represents a 0.14% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Kinetik Price Performance

Shares of Kinetik stock traded down $0.78 during trading on Friday, hitting $38.60. The company's stock had a trading volume of 1,959,996 shares, compared to its average volume of 1,108,797. The stock has a market cap of $6.25 billion, a price-to-earnings ratio of 52.16, a price-to-earnings-growth ratio of 1.01 and a beta of 3.11. Kinetik Holdings Inc. has a 52 week low of $38.21 and a 52 week high of $67.60. The stock has a 50-day moving average price of $42.24 and a two-hundred day moving average price of $43.72.

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

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 8.1%. Kinetik's dividend payout ratio (DPR) is currently 421.62%.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently modified their holdings of the business. Federated Hermes Inc. boosted its holdings in shares of Kinetik by 0.4% in the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company's stock worth $3,926,000 after buying an additional 346 shares during the last quarter. Rossby Financial LCC boosted its stake in Kinetik by 33.5% in the second quarter. Rossby Financial LCC now owns 2,006 shares of the company's stock valued at $88,000 after acquiring an additional 503 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock valued at $670,000 after acquiring an additional 522 shares during the period. Ameritas Investment Partners Inc. raised its holdings in shares of Kinetik by 16.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,526 shares of the company's stock worth $199,000 after purchasing an additional 650 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after purchasing an additional 664 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

KNTK has been the topic of a number of research analyst reports. Scotiabank restated an "outperform" rating on shares of Kinetik in a report on Monday, September 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a research report on Saturday, September 27th. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research report on Sunday, September 28th. Mizuho set a $53.00 price target on Kinetik and gave the stock an "outperform" rating in a report on Friday, August 29th. Finally, Barclays lowered their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Kinetik currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.67.

Kinetik Company 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.

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