Exchange Traded Concepts LLC Buys 7,504 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

Exchange Traded Concepts LLC boosted its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 9.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,734 shares of the company’s stock after purchasing an additional 7,504 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Kinetik were worth $4,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Kinetik by 14,124.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after buying an additional 13,842 shares in the last quarter. New York State Teachers Retirement System acquired a new stake in Kinetik in the fourth quarter valued at approximately $197,000. Blue Trust Inc. boosted its stake in Kinetik by 18.1% in the fourth quarter. Blue Trust Inc. now owns 4,488 shares of the company’s stock valued at $255,000 after acquiring an additional 687 shares in the last quarter. Rhumbline Advisers grew its holdings in Kinetik by 2.0% in the fourth quarter. Rhumbline Advisers now owns 61,018 shares of the company’s stock worth $3,460,000 after purchasing an additional 1,189 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Kinetik by 8.2% during the fourth quarter. Principal Financial Group Inc. now owns 22,017 shares of the company’s stock worth $1,249,000 after purchasing an additional 1,671 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on KNTK shares. Royal Bank of Canada lowered their price objective on Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. Scotiabank raised their price target on Kinetik from $54.00 to $57.00 and gave the stock a “sector outperform” rating in a report on Thursday, June 5th. Wells Fargo & Company cut their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Mizuho decreased their price objective on shares of Kinetik from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Tuesday, May 20th. Finally, Wall Street Zen raised shares of Kinetik from a “sell” rating to a “hold” rating in a research report on Monday, June 9th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $56.56.

Insider Transactions at Kinetik

In other 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 completion of the transaction, the insider now directly owns 1 shares of the company’s stock, valued at $44.16. The trade was a 100.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.83% of the company’s stock.

Kinetik Price Performance

KNTK stock opened at $44.21 on Monday. The company has a market capitalization of $6.98 billion, a P/E ratio of 46.54 and a beta of 3.05. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60. The firm’s fifty day simple moving average is $43.63 and its 200-day simple moving average is $52.75.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate 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. The business’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 earnings per share.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were paid a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.06%. Kinetik’s payout ratio is 328.42%.

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.