Dividend Assets Capital LLC Boosts Stake in Kinetik Holdings Inc. (NYSE:KNTK)

Dividend Assets Capital LLC increased its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 63.2% during the first quarter, Holdings Channel.com reports. The firm owned 15,161 shares of the company’s stock after purchasing an additional 5,871 shares during the quarter. Dividend Assets Capital LLC’s holdings in Kinetik were worth $787,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its stake in shares of Kinetik by 14,124.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock worth $820,000 after buying an additional 13,842 shares during the period. Bank of New York Mellon Corp raised its stake in 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 acquiring an additional 54,081 shares during the period. Jump Financial LLC raised its stake in Kinetik by 73.8% during the 4th quarter. Jump Financial LLC now owns 41,880 shares of the company’s stock worth $2,375,000 after acquiring an additional 17,778 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Kinetik by 54.1% in the fourth quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company’s stock worth $13,794,000 after purchasing an additional 85,378 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new stake in shares of Kinetik during the 4th quarter valued at $1,674,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on KNTK shares. Barclays set a $48.00 target price on shares of Kinetik and gave the stock an “equal weight” rating in a report on Tuesday, May 20th. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Wells Fargo & Company cut their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. UBS Group initiated coverage on shares of Kinetik in a research report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price objective on the stock. Finally, Citigroup upgraded shares of 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 research report on Tuesday, May 20th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

Kinetik Stock Performance

Shares of KNTK opened at $43.28 on Tuesday. The stock has a market capitalization of $6.84 billion, a PE ratio of 45.56 and a beta of 3.05. The company’s fifty day moving average is $43.66 and its 200 day moving average is $53.12. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $466.54 million. Kinetik’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 posted $0.12 EPS.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.21%. Kinetik’s dividend payout ratio (DPR) is presently 328.42%.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the transaction, the insider now directly owns 1 shares of the company’s stock, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 3.83% of the stock is currently owned by corporate insiders.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.