Janney Montgomery Scott LLC Sells 59,469 Shares of Kinetik Holdings Inc. $KNTK

Janney Montgomery Scott LLC reduced its position in Kinetik Holdings Inc. (NYSE:KNTK) by 44.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,865 shares of the company’s stock after selling 59,469 shares during the period. Janney Montgomery Scott LLC’s holdings in Kinetik were worth $3,210,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of KNTK. Zimmer Partners LP bought a new position in Kinetik during the 1st quarter valued at $102,124,000. HITE Hedge Asset Management LLC bought a new position in Kinetik during the 1st quarter valued at $18,608,000. Yaupon Capital Management LP bought a new position in Kinetik during the 1st quarter valued at $10,388,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Kinetik by 32.0% during the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company’s stock valued at $34,315,000 after acquiring an additional 189,000 shares in the last quarter. Finally, Eagle Global Advisors LLC bought a new position in Kinetik during the 1st quarter valued at $6,889,000. 21.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on KNTK. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Scotiabank reiterated an “outperform” rating on shares of Kinetik in a research note on Monday, September 8th. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Mizuho set a $53.00 target price on Kinetik and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research note on Wednesday. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average target price of $54.33.

Kinetik Stock Performance

NYSE:KNTK opened at $38.39 on Thursday. The firm has a market cap of $6.22 billion, a PE ratio of 51.88, a price-to-earnings-growth ratio of 0.98 and a beta of 3.11. Kinetik Holdings Inc. has a fifty-two week low of $37.70 and a fifty-two week high of $67.60. The business has a 50 day moving average price of $41.96 and a 200-day moving average price of $43.32.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 EPS 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 last year, the business earned $0.54 earnings per share. Kinetik’s revenue was up 18.7% on a year-over-year basis.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 8.1%. The ex-dividend date was Friday, July 25th. Kinetik’s dividend payout ratio (DPR) is presently 421.62%.

Insider Buying and Selling

In other news, insider Jamie Welch purchased 5,000 shares of the business’s stock in a transaction on Thursday, October 2nd. The stock was acquired at an average cost of $39.13 per share, for a total transaction of $195,650.00. Following the purchase, the insider directly owned 3,676,399 shares in the company, valued at $143,857,492.87. This trade represents a 0.14% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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.