Russell Investments Group Ltd. Has $2.61 Million Stock Position in Kinetik Holdings Inc. $KNTK

Russell Investments Group Ltd. increased its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 14.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,309 shares of the company’s stock after purchasing an additional 6,292 shares during the quarter. Russell Investments Group Ltd.’s holdings in Kinetik were worth $2,613,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in KNTK. Comerica Bank increased its position in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after purchasing an additional 195 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Kinetik by 141.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after purchasing an additional 664 shares in the last quarter. Rossby Financial LCC acquired a new stake in shares of Kinetik during the 1st quarter worth about $78,000. KBC Group NV acquired a new stake in shares of Kinetik during the 1st quarter worth about $95,000. Finally, Covestor Ltd increased its position in shares of Kinetik by 4,129.6% during the 1st quarter. Covestor Ltd now owns 3,426 shares of the company’s stock worth $178,000 after purchasing an additional 3,345 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Kinetik from a “hold” rating to a “sell” rating in a research report on Tuesday, June 17th. Mizuho lowered their price objective on shares of Kinetik from $61.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, July 15th. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. UBS Group initiated coverage on shares of Kinetik in a research report on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 price objective for the company. Finally, Barclays lowered 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 report on Monday, July 14th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.33.

Kinetik Trading Up 1.8%

KNTK opened at $40.56 on Monday. The stock has a market capitalization of $6.57 billion, a PE ratio of 54.81 and a beta of 3.03. Kinetik Holdings Inc. has a 1-year low of $39.25 and a 1-year high of $67.60. The firm has a 50-day moving average price of $42.09 and a two-hundred day moving average price of $46.44.

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

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.7%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik’s dividend payout ratio (DPR) is 421.62%.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the transaction, the insider owned 1 shares of the company’s stock, valued at approximately $44.16. This trade 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 this hyperlink. Company insiders own 3.83% of the company’s stock.

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.