Kinetik Holdings Inc. $KNTK Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 2.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,692 shares of the company’s stock after selling 1,326 shares during the quarter. Rhumbline Advisers’ holdings in Kinetik were worth $3,100,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Comerica Bank grew its holdings in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after acquiring an additional 195 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after buying an additional 522 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings 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 valued at $59,000 after buying an additional 664 shares in the last quarter. Jump Financial LLC grew its holdings in shares of Kinetik by 1.6% during the first quarter. Jump Financial LLC now owns 42,559 shares of the company’s stock valued at $2,211,000 after buying an additional 679 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Kinetik by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company’s stock valued at $3,544,000 after buying an additional 738 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $42.51 on Tuesday. Kinetik Holdings Inc. has a fifty-two week low of $39.25 and a fifty-two week high of $67.60. The business has a 50-day moving average of $41.73 and a two-hundred day moving average of $44.41. The stock has a market capitalization of $6.88 billion, a P/E ratio of 57.45 and a beta of 3.16.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping 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 previous year, the company earned $0.54 earnings per share. The firm’s revenue was up 18.7% compared to the same quarter last year.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.3%. Kinetik’s payout ratio is presently 421.62%.

Analyst Ratings Changes

KNTK has been the topic of a number of research analyst reports. Barclays lowered their price target on Kinetik from $49.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, July 14th. Mizuho set a $53.00 price target on Kinetik and gave the company an “outperform” rating in a report on Friday, August 29th. Citigroup reiterated a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 13th. Finally, Royal Bank Of Canada reduced their price objective on Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and an average price target of $54.67.

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.