Wealth Enhancement Advisory Services LLC Invests $267,000 in Kinetik Holdings Inc. (NYSE:KNTK)

Wealth Enhancement Advisory Services LLC acquired a new position in Kinetik Holdings Inc. (NYSE:KNTK) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,712 shares of the company’s stock, valued at approximately $267,000.

Other hedge funds have also made changes to their positions in the company. Comerica Bank raised its position in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after buying an additional 195 shares in the last quarter. Private Advisor Group LLC boosted its stake in shares of Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock worth $502,000 after acquiring an additional 448 shares in the last quarter. Canton Hathaway LLC bought a new position in Kinetik in the 4th quarter worth $28,000. Swiss National Bank boosted its holdings in Kinetik by 0.7% in the 4th quarter. Swiss National Bank now owns 76,300 shares of the company’s stock valued at $4,327,000 after purchasing an additional 500 shares during the period. Finally, Rialto Wealth Management LLC bought a new stake in shares of Kinetik in the fourth quarter valued at about $34,000. Institutional investors own 21.11% of the company’s stock.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the sale, the insider now owns 1 shares in the company, valued at $44.16. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on KNTK shares. Barclays set a $48.00 target price on Kinetik and gave the stock an “equal weight” rating in a research report on Tuesday, May 20th. Citigroup reissued a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Mizuho reduced their target price on shares of Kinetik from $70.00 to $61.00 and set an “outperform” rating for the company in a report on Tuesday, May 20th. Scotiabank lifted 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, Wells Fargo & Company reduced their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.56.

Kinetik Trading Down 0.6%

NYSE:KNTK opened at $44.21 on Monday. The stock’s 50-day moving average is $43.63 and its 200-day moving average is $52.75. The stock has a market cap of $6.98 billion, a P/E ratio of 46.54 and a beta of 3.05. Kinetik Holdings Inc. has a 1-year low of $37.85 and a 1-year high of $67.60.

Kinetik (NYSE:KNTK) last released its 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 company had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. Kinetik’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 earnings per share.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.06%. Kinetik’s payout ratio is 328.42%.

Kinetik Company Profile

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.