Kinetik Holdings Inc. (NASDAQ:KNTK) Position Boosted by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 137.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 332,422 shares of the company's stock after purchasing an additional 192,655 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.22% of Kinetik worth $11,103,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. UBS Group AG acquired a new position in shares of Kinetik in the 3rd quarter valued at $84,000. Tower Research Capital LLC TRC acquired a new position in shares of Kinetik in the 3rd quarter valued at $37,000. Dimensional Fund Advisors LP acquired a new position in shares of Kinetik in the 3rd quarter valued at $2,099,000. Credit Suisse AG acquired a new position in shares of Kinetik in the 3rd quarter valued at $724,000. Finally, Nuveen Asset Management LLC acquired a new position in shares of Kinetik in the 3rd quarter valued at $2,515,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Corp Apache sold 13,079,871 shares of the business's stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $33.75, for a total value of $441,445,646.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Corp Apache sold 13,079,871 shares of the business's stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $33.75, for a total value of $441,445,646.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jamie Welch bought 14,814 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was bought at an average price of $33.75 per share, with a total value of $499,972.50. Following the completion of the acquisition, the insider now owns 3,599,225 shares of the company's stock, valued at approximately $121,473,843.75. The disclosure for this purchase can be found here. Insiders sold a total of 13,095,803 shares of company stock valued at $442,051,135 over the last 90 days. Insiders own 3.62% of the company's stock.

Analyst Upgrades and Downgrades

KNTK has been the subject of several research analyst reports. Citigroup restated a "neutral" rating and issued a $35.00 target price on shares of Kinetik in a report on Tuesday, December 19th. Royal Bank of Canada initiated coverage on shares of Kinetik in a research note on Monday, March 25th. They set an "outperform" rating and a $40.00 price target for the company. Finally, JPMorgan Chase & Co. raised shares of Kinetik from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $38.00 to $40.00 in a research report on Friday, March 8th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $39.33.

Kinetik Price Performance

KNTK traded down $0.31 during midday trading on Friday, reaching $39.01. 562,561 shares of the company's stock were exchanged, compared to its average volume of 576,463. The stock has a market capitalization of $5.90 billion, a PE ratio of 17.26, a P/E/G ratio of 2.65 and a beta of 2.80. The business's 50-day moving average price is $36.04 and its 200 day moving average price is $34.96. Kinetik Holdings Inc. has a 1-year low of $26.32 and a 1-year high of $40.42.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $1.24. The company had revenue of $348.87 million during the quarter, compared to analysts' expectations of $301.49 million. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm's quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share. As a group, analysts expect that Kinetik Holdings Inc. will post 2.02 EPS for the current fiscal year.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Thursday, February 22nd were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.69%. The ex-dividend date of this dividend was Wednesday, February 21st. Kinetik's dividend payout ratio is presently 132.74%.

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.