Mackenzie Financial Corp Has $1.55 Million Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Mackenzie Financial Corp lessened its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 25.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,365 shares of the company’s stock after selling 16,120 shares during the quarter. Mackenzie Financial Corp’s holdings in Kinetik were worth $1,549,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of KNTK. Ronald Blue Trust Inc. acquired a new stake in Kinetik in the 3rd quarter valued at $37,000. Principal Financial Group Inc. bought a new position in Kinetik in the 3rd quarter valued at $232,000. Arizona State Retirement System bought a new position in Kinetik in the 4th quarter valued at $240,000. SG Americas Securities LLC bought a new position in Kinetik in the 3rd quarter valued at $245,000. Finally, Graham Capital Management L.P. bought a new position in Kinetik in the 3rd quarter valued at $252,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Insider Activity at Kinetik

In related news, major shareholder Corp Apache sold 13,079,871 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $33.75, for a total value of $441,445,646.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Kinetik news, insider Matthew Wall sold 5,750 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the transaction, the insider now directly owns 530,066 shares of the company’s stock, valued at $21,107,228.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Corp Apache sold 13,079,871 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $33.75, for a total value of $441,445,646.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,095,803 shares of company stock worth $442,051,135. 3.71% of the stock is owned by insiders.

Kinetik Stock Down 1.0 %

KNTK stock opened at $38.62 on Wednesday. The business has a fifty day moving average of $36.89 and a 200-day moving average of $35.25. The company has a market cap of $5.93 billion, a P/E ratio of 17.09, a PEG ratio of 2.37 and a beta of 2.80. Kinetik Holdings Inc. has a twelve month low of $26.32 and a twelve month high of $40.42.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. The business had revenue of $348.87 million during the quarter, compared to the consensus estimate of $301.49 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The firm’s revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 earnings per share. As a group, equities research analysts anticipate that Kinetik Holdings Inc. will post 2 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Monday, April 29th will be issued a $0.75 dividend. The ex-dividend date is Friday, April 26th. This represents a $3.00 dividend on an annualized basis and a yield of 7.77%. Kinetik’s dividend payout ratio is presently 132.74%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on KNTK. Royal Bank of Canada began coverage on Kinetik in a research report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective for the company. Mizuho lifted their price objective on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their target price on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Finally, Barclays started coverage on Kinetik in a research report on Monday. They set an “equal weight” rating and a $40.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $40.00.

About Kinetik

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.