Teacher Retirement System of Texas Buys New Position in Kinetik Holdings Inc. (NYSE:KNTK)

Teacher Retirement System of Texas bought a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,679 shares of the company’s stock, valued at approximately $295,000.

Several other hedge funds also recently modified their holdings of the stock. Comerica Bank boosted its position in shares of Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after buying an additional 195 shares during the last quarter. Swiss National Bank boosted its position in shares of Kinetik by 0.7% during the fourth quarter. Swiss National Bank now owns 76,300 shares of the company’s stock valued at $4,327,000 after buying an additional 500 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Kinetik by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company’s stock valued at $3,544,000 after buying an additional 738 shares during the last quarter. Sterling Capital Management LLC boosted its position in shares of Kinetik by 789.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock valued at $62,000 after buying an additional 971 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in shares of Kinetik by 5.7% during the fourth quarter. MetLife Investment Management LLC now owns 23,373 shares of the company’s stock valued at $1,325,000 after buying an additional 1,260 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of KNTK opened at $42.76 on Friday. The firm has a market cap of $6.75 billion, a PE ratio of 45.01 and a beta of 3.00. The stock’s fifty day moving average price is $43.71 and its two-hundred day moving average price is $50.39. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60.

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

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 25th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.30%. The ex-dividend date is Friday, July 25th. Kinetik’s dividend payout ratio (DPR) is presently 328.42%.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business’s 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 directly owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. UBS Group began coverage on Kinetik in a research report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 target price on the stock. 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. Mizuho dropped their price target on Kinetik from $61.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday. Barclays set a $43.00 price target on Kinetik and gave the stock an “equal weight” rating in a report on Monday, July 14th. Finally, Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.56.

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.