Schonfeld Strategic Advisors LLC Acquires New Shares in Kinetik Holdings Inc. (NASDAQ:KNTK)

Schonfeld Strategic Advisors LLC bought a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 15,400 shares of the company's stock, valued at approximately $873,000.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Kinetik by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after purchasing an additional 72,760 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Kinetik by 3.0% during the 4th quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after purchasing an additional 36,362 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Kinetik by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after purchasing an additional 43,629 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Kinetik by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after purchasing an additional 54,081 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Kinetik by 10.5% during the 4th 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 in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Stock Up 3.9%

Shares of NASDAQ KNTK traded up $1.64 during midday trading on Monday, reaching $43.35. The company had a trading volume of 903,204 shares, compared to its average volume of 632,336. Kinetik Holdings Inc. has a one year low of $37.85 and a one year high of $67.60. The firm's fifty day moving average price is $46.82 and its 200-day moving average price is $54.53. The stock has a market cap of $6.84 billion, a PE ratio of 15.99, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company's revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. As a group, equities research analysts expect that Kinetik Holdings Inc. will post 1.96 EPS for the current year.

Kinetik Dividend Announcement

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 dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.20%. Kinetik's dividend payout ratio (DPR) is 328.42%.

Analyst Ratings Changes

Several analysts recently weighed in on KNTK shares. Scotiabank dropped their price objective on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a research report on Monday. UBS Group began coverage on Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Barclays increased their price target on Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 16th. JPMorgan Chase & Co. increased their price target on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 15th. Finally, Wells Fargo & Company decreased their price target 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. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $57.89.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company'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 owns 1,044,520 shares in the company, valued at $58,106,647.60. This represents a 79.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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.