New York State Common Retirement Fund Sells 1,500 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

New York State Common Retirement Fund lessened its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 9.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,906 shares of the company’s stock after selling 1,500 shares during the quarter. New York State Common Retirement Fund’s holdings in Kinetik were worth $722,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of KNTK. Alps Advisors Inc. increased its holdings in shares of Kinetik by 26.3% during the first quarter. Alps Advisors Inc. now owns 124,480 shares of the company’s stock valued at $6,465,000 after acquiring an additional 25,936 shares in the last quarter. Round Rock Advisors LLC raised its holdings in shares of Kinetik by 164.8% in the first quarter. Round Rock Advisors LLC now owns 14,152 shares of the company’s stock worth $735,000 after buying an additional 8,807 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after buying an additional 664 shares during the period. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Kinetik during the first quarter valued at $259,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Kinetik by 10.1% during the first quarter. Envestnet Asset Management Inc. now owns 30,472 shares of the company’s stock valued at $1,583,000 after buying an additional 2,806 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

KNTK has been the topic of several research analyst reports. UBS Group assumed coverage on Kinetik in a research note on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price target on the stock. Mizuho dropped their target price on Kinetik from $61.00 to $57.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 15th. Royal Bank Of Canada cut their price target on shares of Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Barclays decreased their price objective on shares of Kinetik from $49.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, July 14th. Finally, US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. One 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.56.

Kinetik Stock Performance

Kinetik stock opened at $41.20 on Friday. Kinetik Holdings Inc. has a one year low of $37.85 and a one year high of $67.60. The company has a market cap of $6.51 billion, a P/E ratio of 43.37 and a beta of 3.00. The business has a fifty day moving average of $43.41 and a two-hundred day moving average of $49.72.

Kinetik (NYSE:KNTK) last announced its quarterly 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 business had revenue of $443.26 million during the quarter, compared to analysts’ expectations of $466.54 million. Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The firm’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same period last year, the company earned $0.12 EPS.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors 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 7.57%. Kinetik’s dividend payout ratio is presently 328.42%.

Insider Activity

In other 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 transaction of $188,213,894.40. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at $44.16. This represents a 100.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.83% of the company’s stock.

About Kinetik

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.