Victory Capital Management Inc. Cuts Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Victory Capital Management Inc. decreased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 302,583 shares of the company’s stock after selling 12,145 shares during the period. Victory Capital Management Inc.’s holdings in Kinetik were worth $10,106,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in KNTK. SG Americas Securities LLC bought a new position in Kinetik in the 3rd quarter worth approximately $245,000. Raymond James Financial Services Advisors Inc. boosted its position in shares of Kinetik by 7.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 61,043 shares of the company’s stock worth $2,060,000 after acquiring an additional 4,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Kinetik by 31.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,767 shares of the company’s stock valued at $4,717,000 after acquiring an additional 33,842 shares in the last quarter. Jennison Associates LLC increased its holdings in Kinetik by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 510,554 shares of the company’s stock valued at $17,231,000 after acquiring an additional 9,577 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in Kinetik in the 3rd quarter worth $232,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jamie Welch purchased 14,814 shares of the stock in a transaction dated Monday, March 18th. The shares were acquired at an average cost of $33.75 per share, for a total transaction of $499,972.50. Following the acquisition, the insider now owns 3,599,225 shares of the company’s stock, valued at $121,473,843.75. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Matthew Wall sold 5,750 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $39.82, for a total transaction of $228,965.00. Following the transaction, the insider now directly owns 530,066 shares of the company’s stock, valued at approximately $21,107,228.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jamie Welch purchased 14,814 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was acquired at an average price of $33.75 per share, with a total value of $499,972.50. Following the completion of the purchase, the insider now owns 3,599,225 shares of the company’s stock, valued at approximately $121,473,843.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 13,095,803 shares of company stock worth $442,051,135. 3.71% of the stock is owned by corporate insiders.

Kinetik Stock Performance

NASDAQ:KNTK opened at $39.89 on Monday. The firm has a 50-day simple moving average of $38.18 and a 200-day simple moving average of $35.54. Kinetik Holdings Inc. has a one year low of $28.82 and a one year high of $40.44. The firm has a market cap of $6.13 billion, a P/E ratio of 16.35, a P/E/G ratio of 2.09 and a beta of 2.81.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, May 8th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.32). The company had revenue of $341.39 million for the quarter, compared to analysts’ expectations of $277.52 million. Kinetik had a negative return on equity of 51.44% and a net margin of 29.62%. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.06) EPS. On average, research analysts predict that Kinetik Holdings Inc. will post 2.02 EPS for the current fiscal year.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Monday, April 29th were paid a $0.75 dividend. The ex-dividend date was Friday, April 26th. This represents a $3.00 annualized dividend and a yield of 7.52%. Kinetik’s dividend payout ratio (DPR) is presently 122.95%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Barclays began coverage on Kinetik in a research report on Monday, April 22nd. They set an “equal weight” rating and a $40.00 price objective for the company. Royal Bank of Canada assumed coverage on Kinetik in a research note on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective on the stock. Mizuho upped their price objective on Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. raised their target price on shares of Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Finally, Scotiabank upped their price target on shares of Kinetik from $38.00 to $42.00 and gave the company a “sector outperform” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.30.

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.