SIR Capital Management L.P. Has $561,000 Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

SIR Capital Management L.P. reduced its stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 94.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund 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 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in KNTK. Fifth Third Bancorp purchased a new position in shares of Kinetik in the 4th quarter valued at about $26,000. Canton Hathaway LLC acquired a new position in Kinetik during the fourth quarter worth approximately $28,000. Rialto Wealth Management LLC purchased a new position in shares of Kinetik in the 4th quarter valued at approximately $34,000. Comerica Bank increased its holdings in shares of Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the period. Finally, Sterling Capital Management LLC lifted its holdings in Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after acquiring an additional 971 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the sale, the insider now owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. This trade represents a 79.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.83% of the stock is owned by company insiders.

Kinetik Trading Down 3.2%

KNTK traded down $1.48 during trading on Wednesday, hitting $44.72. The stock had a trading volume of 298,213 shares, compared to its average volume of 663,378. The firm has a market cap of $7.06 billion, a PE ratio of 16.51, a P/E/G ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60. The company has a 50 day simple moving average of $45.94 and a 200-day simple moving average of $54.32.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company's revenue for the quarter was up 29.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.96 earnings per share for the current fiscal 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 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 6.98%. Kinetik's dividend payout ratio (DPR) is presently 328.42%.

Analysts Set New Price Targets

Several research firms have issued reports on KNTK. Wells Fargo & Company decreased their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Scotiabank dropped their price objective on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating on the stock in a report on Monday, May 12th. Royal Bank of Canada decreased their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Barclays cut their price target on shares of Kinetik from $58.00 to $48.00 and set an "equal weight" rating on the stock in a report on Tuesday. Finally, US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Three 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 presently has an average rating of "Moderate Buy" and a consensus target price of $57.11.

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.