Connor Clark & Lunn Investment Management Ltd. Acquires 112,157 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Kinetik Holdings Inc. (NYSE:KNTK) by 204.4% during the first quarter, HoldingsChannel.com reports. The fund owned 167,035 shares of the company’s stock after purchasing an additional 112,157 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Kinetik were worth $8,676,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of KNTK. Comerica Bank grew its holdings in shares of Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after purchasing an additional 195 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after purchasing an additional 664 shares during the last quarter. Sterling Capital Management LLC grew its holdings in shares of Kinetik by 789.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock worth $62,000 after purchasing an additional 971 shares during the last quarter. Rossby Financial LCC bought a new stake in shares of Kinetik during the first quarter worth about $78,000. Finally, KBC Group NV bought a new stake in shares of Kinetik during the first quarter worth about $95,000. Institutional investors own 21.11% of the company’s stock.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the transaction, the insider directly owned 1 shares of the company’s stock, valued at approximately $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.83% of the company’s stock.

Kinetik Price Performance

Shares of KNTK stock opened at $40.80 on Tuesday. The business’s 50 day simple moving average is $42.77 and its 200 day simple moving average is $47.90. Kinetik Holdings Inc. has a one year low of $39.33 and a one year high of $67.60. The stock has a market capitalization of $6.44 billion, a PE ratio of 55.14 and a beta of 3.03.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a negative return on equity of 5.62% and a net margin of 8.21%. During the same period last year, the firm earned $0.54 EPS. The business’s revenue was up 18.7% compared to the same quarter last year.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.6%. Kinetik’s payout ratio is 421.62%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on KNTK shares. Barclays reduced their price target on Kinetik from $49.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, July 14th. UBS Group started coverage on Kinetik in a report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price target on the stock. Citigroup restated a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Scotiabank boosted 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. Finally, Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.56.

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.