Cetera Investment Advisers Grows Position in Kinetik Holdings Inc. (NYSE:KNTK)

Cetera Investment Advisers increased its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 147.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,183 shares of the company’s stock after buying an additional 7,862 shares during the quarter. Cetera Investment Advisers’ holdings in Kinetik were worth $685,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in KNTK. Wells Fargo & Company MN grew its stake in Kinetik by 40.6% during the 4th quarter. Wells Fargo & Company MN now owns 33,080 shares of the company’s stock worth $1,876,000 after buying an additional 9,560 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Kinetik by 18.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 27,666 shares of the company’s stock valued at $1,569,000 after purchasing an additional 4,366 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Kinetik by 13.5% in the 4th quarter. Legal & General Group Plc now owns 42,201 shares of the company’s stock valued at $2,393,000 after purchasing an additional 5,034 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of Kinetik by 789.4% in the 4th 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 during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Kinetik in the 4th quarter valued at approximately $650,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on KNTK shares. UBS Group started coverage on Kinetik in a research note on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 target price on the stock. Barclays lowered their target price on Kinetik from $49.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, July 14th. Citigroup reiterated a “buy” rating on shares of Kinetik in a research note on Tuesday, June 10th. Wall Street Zen downgraded Kinetik from a “hold” rating to a “sell” rating in a research note on Tuesday, June 17th. Finally, Mizuho lowered their target price on Kinetik from $61.00 to $57.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.33.

Insider Transactions at Kinetik

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

Kinetik Price Performance

Kinetik stock opened at $40.98 on Friday. Kinetik Holdings Inc. has a 1-year low of $39.33 and a 1-year high of $67.60. The company has a market cap of $6.47 billion, a PE ratio of 55.38 and a beta of 3.03. The stock’s 50 day moving average price is $42.55 and its 200 day moving average price is $47.68.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%. During the same period in the prior year, the firm earned $0.54 EPS. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.6%. Kinetik’s payout ratio is currently 421.62%.

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.