Silvercrest Asset Management Group LLC Invests $867,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Silvercrest Asset Management Group LLC bought a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 15,285 shares of the company’s stock, valued at approximately $867,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of KNTK. Barclays PLC increased its position in Kinetik by 34.5% in the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after purchasing an additional 60,058 shares during the last quarter. Diversify Advisory Services LLC purchased a new position in shares of Kinetik in the 4th quarter worth $269,000. Ballentine Partners LLC bought a new stake in shares of Kinetik in the 4th quarter worth about $212,000. Janney Montgomery Scott LLC raised its position in shares of Kinetik by 69.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 132,977 shares of the company’s stock valued at $7,541,000 after buying an additional 54,370 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in shares of Kinetik by 0.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 81,230 shares of the company’s stock valued at $4,607,000 after buying an additional 739 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Performance

Shares of KNTK stock opened at $46.13 on Wednesday. The stock has a 50 day moving average price of $45.94 and a 200 day moving average price of $54.32. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60. The firm has a market capitalization of $7.28 billion, a P/E ratio of 17.02, a P/E/G ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned $0.12 EPS. As a group, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.96 EPS for the current year.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 6.76%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik’s dividend payout ratio is presently 328.42%.

Analyst Upgrades and Downgrades

Several research firms recently commented on KNTK. Mizuho dropped their price target on Kinetik from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Tuesday. Citigroup upgraded Kinetik from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $58.00 to $55.00 in a report on Tuesday. Royal Bank of Canada cut their target price on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company lowered their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Finally, Scotiabank dropped their price objective on shares of Kinetik from $57.00 to $54.00 and set a “sector outperform” rating for the company in a research note on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.11.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This represents a 61.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is currently owned by company insiders.

Kinetik Company 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.