Kinetik Holdings Inc. (NYSE:KNTK) Position Raised by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 8.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 23,906 shares of the company’s stock after buying an additional 1,889 shares during the quarter. Principal Financial Group Inc.’s holdings in Kinetik were worth $1,242,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund bought a new stake in Kinetik in the first quarter valued at $615,000. Sequoia Financial Advisors LLC acquired a new position in shares of Kinetik during the first quarter valued at $970,000. SG Americas Securities LLC acquired a new position in shares of Kinetik during the first quarter valued at $647,000. KBC Group NV acquired a new position in shares of Kinetik during the first quarter valued at $95,000. Finally, Jump Financial LLC increased its holdings in shares of Kinetik by 73.8% during the fourth quarter. Jump Financial LLC now owns 41,880 shares of the company’s stock valued at $2,375,000 after purchasing an additional 17,778 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on KNTK shares. Mizuho lowered their price target on Kinetik from $61.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday, July 15th. Barclays set a $43.00 target price on Kinetik and gave the stock an “equal weight” rating in a report on Monday, July 14th. Royal Bank Of Canada lowered their target price on Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Citigroup reaffirmed a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Finally, Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a report on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.56.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 1 shares of the company’s stock, valued at approximately $44.16. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.83% of the company’s stock.

Kinetik Stock Performance

NYSE:KNTK opened at $42.76 on Friday. The stock’s 50 day moving average price is $43.73 and its 200 day moving average price is $50.30. Kinetik Holdings Inc. has a 52 week low of $37.85 and a 52 week high of $67.60. The company has a market capitalization of $6.75 billion, a P/E ratio of 45.01 and a beta of 3.00.

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

Kinetik Dividend Announcement

The firm also recently disclosed 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 7.30%. Kinetik’s dividend 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.