Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp lowered its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 25.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,365 shares of the company’s stock after selling 16,120 shares during the quarter. Mackenzie Financial Corp’s holdings in Kinetik were worth $1,549,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Ronald Blue Trust Inc. acquired a new position in Kinetik in the third quarter valued at about $37,000. Principal Financial Group Inc. acquired a new stake in shares of Kinetik during the third quarter worth about $232,000. Arizona State Retirement System acquired a new stake in shares of Kinetik during the fourth quarter worth about $240,000. SG Americas Securities LLC acquired a new stake in shares of Kinetik during the third quarter worth about $245,000. Finally, Graham Capital Management L.P. acquired a new stake in shares of Kinetik during the third quarter worth about $252,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Down 1.0 %

Shares of Kinetik stock opened at $38.62 on Wednesday. The firm has a market capitalization of $5.93 billion, a P/E ratio of 17.09, a P/E/G ratio of 2.37 and a beta of 2.80. Kinetik Holdings Inc. has a 52 week low of $26.32 and a 52 week high of $40.42. The firm’s 50 day moving average is $36.89 and its two-hundred day moving average is $35.25.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $1.70 EPS for the quarter, beating the consensus estimate of $0.46 by $1.24. The company had revenue of $348.87 million for the quarter, compared to analyst estimates of $301.49 million. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm’s revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.25 earnings per share. As a group, research analysts expect that Kinetik Holdings Inc. will post 2 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be paid a $0.75 dividend. The ex-dividend date is Friday, April 26th. This represents a $3.00 annualized dividend and a yield of 7.77%. Kinetik’s dividend payout ratio is currently 132.74%.

Insider Buying and Selling at Kinetik

In other Kinetik news, insider Anne Psencik sold 3,182 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $35.57, for a total value of $113,183.74. Following the transaction, the insider now directly owns 247,128 shares in the company, valued at $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Anne Psencik sold 3,182 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the transaction, the insider now directly owns 247,128 shares in the company, valued at $8,790,342.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Corp Apache sold 13,079,871 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $33.75, for a total transaction of $441,445,646.25. The disclosure for this sale can be found here. Insiders have sold 13,095,803 shares of company stock worth $442,051,135 over the last three months. Insiders own 3.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on KNTK. Mizuho increased their price target on shares of Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays began coverage on shares of Kinetik in a research report on Monday. They set an “equal weight” rating and a $40.00 price target on the stock. Royal Bank of Canada began coverage on shares of Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $40.00.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.