Man Group plc Decreases Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Man Group plc trimmed its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 22.2% during the fourth quarter, Holdings Channel reports. The firm owned 56,892 shares of the company’s stock after selling 16,224 shares during the quarter. Man Group plc’s holdings in Kinetik were worth $3,226,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Kinetik by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock worth $226,967,000 after purchasing an additional 72,760 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Kinetik by 3.0% in the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company’s stock worth $70,765,000 after acquiring an additional 36,362 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Kinetik by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company’s stock worth $35,689,000 after acquiring an additional 43,629 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Kinetik by 12.5% in the fourth 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 last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Kinetik by 10.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock worth $24,952,000 after acquiring an additional 41,864 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of analyst reports. Scotiabank cut their price target on Kinetik from $57.00 to $54.00 and set a “sector outperform” rating for the company in a report on Monday, May 12th. Barclays cut their price target on Kinetik from $58.00 to $48.00 and set an “equal weight” rating for the company in a report on Tuesday. Royal Bank of Canada cut their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Finally, Mizuho dropped their target price on Kinetik from $70.00 to $61.00 and set an “outperform” rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $57.11.

Kinetik Trading Up 0.1%

Kinetik stock opened at $44.42 on Friday. The firm has a market capitalization of $7.01 billion, a P/E ratio of 16.39, a PEG ratio of 1.52 and a beta of 3.03. The stock has a fifty day moving average price of $45.57 and a 200 day moving average price of $54.22. Kinetik Holdings Inc. has a 52 week low of $37.85 and a 52 week high of $67.60.

Kinetik (NASDAQ:KNTK) last announced 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 firm had revenue of $443.26 million for the quarter, compared to analyst estimates 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 was up 29.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 earnings per share. As a group, equities analysts predict that Kinetik Holdings Inc. will post 1.96 EPS for the current year.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were paid a dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.02%. Kinetik’s dividend payout ratio is presently 328.42%.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the sale, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.83% of the stock is currently owned by insiders.

Kinetik 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.