Bank of New York Mellon Corp Sells 11,192 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

Bank of New York Mellon Corp trimmed its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 2.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 476,819 shares of the company’s stock after selling 11,192 shares during the period. Bank of New York Mellon Corp owned about 0.30% of Kinetik worth $24,766,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Comerica Bank boosted its holdings in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after acquiring an additional 195 shares during the last quarter. Sterling Capital Management LLC grew its stake in Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock valued at $62,000 after purchasing an additional 971 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in shares of Kinetik during the 4th quarter worth approximately $67,000. Rossby Financial LCC acquired a new stake in Kinetik during the 1st quarter worth approximately $78,000. Finally, KBC Group NV acquired a new position in Kinetik in the 1st quarter valued at $95,000. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Down 1.9%

Shares of KNTK opened at $40.28 on Thursday. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 42.40 and a beta of 3.00. Kinetik Holdings Inc. has a twelve month low of $37.85 and a twelve month high of $67.60. The company has a 50 day moving average of $43.73 and a two-hundred day moving average of $50.50.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The company had revenue of $443.26 million during the quarter, compared to analysts’ expectations of $466.54 million. During the same period in the prior year, the business posted $0.12 EPS. The company’s quarterly revenue was up 29.8% on a year-over-year basis.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 25th will be given a $0.78 dividend. The ex-dividend date is Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.75%. Kinetik’s dividend payout ratio (DPR) is 328.42%.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the transaction, the insider directly owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on KNTK shares. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a research report on Tuesday, June 17th. Barclays set a $43.00 price target on Kinetik and gave the company an “equal weight” rating in a research report on Monday. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Scotiabank increased their price objective on Kinetik from $54.00 to $57.00 and gave the stock a “sector outperform” rating in a research report on Thursday, June 5th. Finally, Royal Bank Of Canada lowered their price target on Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.00.

Kinetik 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.