SIR Capital Management L.P. Reduces Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

SIR Capital Management L.P. trimmed its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 94.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,900 shares of the company's stock after selling 163,451 shares during the quarter. SIR Capital Management L.P.'s holdings in Kinetik were worth $561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. ProShare Advisors LLC lifted its holdings in shares of Kinetik by 49.1% during the 4th quarter. ProShare Advisors LLC now owns 10,775 shares of the company's stock valued at $611,000 after buying an additional 3,546 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Kinetik by 80.3% during the 4th quarter. Nuveen Asset Management LLC now owns 139,952 shares of the company's stock valued at $7,937,000 after buying an additional 62,323 shares during the period. Numerai GP LLC bought a new position in shares of Kinetik during the 4th quarter valued at $397,000. OMERS ADMINISTRATION Corp bought a new position in shares of Kinetik during the 4th quarter valued at $516,000. Finally, Millennium Management LLC lifted its holdings in shares of Kinetik by 97.6% during the 4th quarter. Millennium Management LLC now owns 70,227 shares of the company's stock valued at $3,983,000 after buying an additional 34,679 shares during the period. 21.11% of the stock is owned by institutional investors.

Kinetik Trading Down 1.0%

Shares of KNTK stock traded down $0.47 during trading hours on Monday, reaching $44.89. 779,196 shares of the company's stock were exchanged, compared to its average volume of 659,797. The stock's 50 day moving average is $46.04 and its 200-day moving average is $54.38. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 16.56, 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.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (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 analyst estimates of $466.54 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business'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 posted $0.12 earnings per share. Equities analysts anticipate that Kinetik Holdings Inc. will post 1.96 EPS for the current year.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.95%. The ex-dividend date was Friday, April 25th. Kinetik's payout ratio is presently 328.42%.

Analysts Set New Price Targets

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

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the sale, the insider now owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. The trade was a 79.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.83% of the company's stock.

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.