Nisa Investment Advisors LLC Has $59,000 Position in Kinetik Holdings Inc. (NYSE:KNTK)

Nisa Investment Advisors LLC grew its holdings in Kinetik Holdings Inc. (NYSE:KNTK) by 141.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,133 shares of the company’s stock after acquiring an additional 664 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Kinetik were worth $59,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of KNTK. Westwood Holdings Group Inc. increased its stake in Kinetik by 78.3% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock valued at $61,429,000 after buying an additional 475,606 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in Kinetik by 8,475.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock valued at $24,442,000 after acquiring an additional 425,977 shares during the period. Prudential Financial Inc. increased its stake in shares of Kinetik by 391.1% during the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock worth $22,250,000 after purchasing an additional 312,458 shares during the period. Raymond James Financial Inc. bought a new position in Kinetik during the 4th quarter worth $11,241,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik by 34.1% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company’s stock worth $30,645,000 after purchasing an additional 150,000 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on KNTK. Mizuho dropped their price objective on Kinetik from $61.00 to $57.00 and set an “outperform” rating for the company in a report on Tuesday. UBS Group started coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 price objective for the company. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a research note on Monday, April 7th. Scotiabank boosted their price objective on shares of Kinetik from $54.00 to $57.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 5th. Finally, Barclays set a $43.00 target price on Kinetik and gave the company an “equal weight” rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.56.

Kinetik Price Performance

Shares of KNTK opened at $42.76 on Friday. The company has a market cap of $6.75 billion, a PE ratio of 45.01 and a beta of 3.00. Kinetik Holdings Inc. has a one year low of $37.85 and a one year high of $67.60. The stock has a 50-day moving average of $43.71 and a 200-day moving average of $50.39.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share 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 business had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. During the same quarter in the prior year, the company earned $0.12 EPS. The company’s revenue was up 29.8% on a year-over-year basis.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 25th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.30%. The ex-dividend date is Friday, July 25th. Kinetik’s payout ratio is currently 328.42%.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider owned 1 shares in the company, valued at $44.16. This represents a 100.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is owned by insiders.

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.