Ghisallo Capital Management LLC Has $4.14 Million Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Ghisallo Capital Management LLC lessened its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 51.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 100,000 shares of the company’s stock after selling 105,162 shares during the quarter. Ghisallo Capital Management LLC owned approximately 0.07% of Kinetik worth $4,144,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its stake in Kinetik by 367.6% during the first quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock worth $2,219,000 after purchasing an additional 43,758 shares during the period. Swiss National Bank lifted its position in shares of Kinetik by 39.5% during the 1st quarter. Swiss National Bank now owns 70,600 shares of the company’s stock valued at $2,815,000 after acquiring an additional 20,000 shares during the period. Capstone Investment Advisors LLC acquired a new stake in Kinetik in the first quarter worth $1,009,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Kinetik during the first quarter valued at about $755,000. Finally, Castleark Management LLC acquired a new position in shares of Kinetik during the first quarter valued at about $689,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Up 1.4 %

Shares of NASDAQ KNTK opened at $45.91 on Wednesday. The company has a market cap of $7.05 billion, a P/E ratio of 18.82, a P/E/G ratio of 2.52 and a beta of 2.91. Kinetik Holdings Inc. has a 52 week low of $31.31 and a 52 week high of $47.80. The business has a 50-day simple moving average of $43.36 and a two-hundred day simple moving average of $41.23.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. The company had revenue of $359.50 million during the quarter, compared to analyst estimates of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. Kinetik’s revenue was up 21.4% compared to the same quarter last year. During the same period last year, the business earned $0.41 earnings per share. Equities research analysts anticipate that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 6.53%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s payout ratio is 122.95%.

Analyst Ratings Changes

KNTK has been the topic of several recent research reports. Barclays reiterated an “equal weight” rating and issued a $43.00 price target on shares of Kinetik in a report on Wednesday, July 10th. Scotiabank lifted their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Finally, Royal Bank of Canada upped their price objective on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.00.

Kinetik Company 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.