Northern Trust Corp Raises Holdings in Kinetik Holdings Inc. $KNTK

Northern Trust Corp boosted its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 11.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 436,174 shares of the company’s stock after buying an additional 44,651 shares during the quarter. Northern Trust Corp owned approximately 0.28% of Kinetik worth $22,655,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of KNTK. Comerica Bank increased its holdings in 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 period. Nisa Investment Advisors LLC increased its holdings in Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock valued at $59,000 after buying an additional 664 shares during the period. Rossby Financial LCC purchased a new position in Kinetik during the first quarter valued at approximately $78,000. KBC Group NV purchased a new position in Kinetik during the first quarter valued at approximately $95,000. Finally, Covestor Ltd increased its holdings in Kinetik by 4,129.6% during the first quarter. Covestor Ltd now owns 3,426 shares of the company’s stock valued at $178,000 after buying an additional 3,345 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Trading Down 1.9%

NYSE:KNTK opened at $41.96 on Monday. Kinetik Holdings Inc. has a 12 month low of $39.25 and a 12 month high of $67.60. The firm has a fifty day simple moving average of $41.96 and a 200-day simple moving average of $45.72. The company has a market capitalization of $6.79 billion, a P/E ratio of 56.70 and a beta of 3.16.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping 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%. During the same quarter in the prior year, the company earned $0.54 earnings per share. The firm’s revenue was up 18.7% on a year-over-year basis.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.4%. The ex-dividend date was Friday, July 25th. Kinetik’s payout ratio is presently 421.62%.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm’s stock in a transaction on Wednesday, June 4th. The shares were 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 owned 1 shares of the company’s stock, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.83% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on KNTK shares. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Barclays lowered their target price 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. Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a research note on Tuesday, June 17th. Royal Bank Of Canada lowered their target price on shares of Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, May 30th. Finally, Mizuho set a $53.00 target price on shares of Kinetik and gave the company an “outperform” rating in a research note on Friday. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and an average target price of $54.89.

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.