HITE Hedge Asset Management LLC Invests $18.61 Million in Kinetik Holdings Inc. $KNTK

HITE Hedge Asset Management LLC purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the first quarter, Holdings Channel reports. The fund purchased 358,253 shares of the company’s stock, valued at approximately $18,608,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Comerica Bank raised 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 in the last quarter. Nisa Investment Advisors LLC increased its holdings 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 valued at $59,000 after acquiring an additional 664 shares during the last quarter. Sterling Capital Management LLC raised its stake in shares of Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock valued at $62,000 after acquiring an additional 971 shares in the last quarter. Rossby Financial LCC acquired a new stake in Kinetik in the 1st quarter worth approximately $78,000. Finally, KBC Group NV acquired a new stake in Kinetik in the 1st quarter worth approximately $95,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of Kinetik stock opened at $40.83 on Monday. The firm has a market cap of $6.61 billion, a P/E ratio of 55.18 and a beta of 3.03. The firm’s 50-day simple moving average is $42.49 and its 200-day simple moving average is $47.27. Kinetik Holdings Inc. has a twelve month low of $39.33 and a twelve month high of $67.60.

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

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 7.6%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik’s dividend payout ratio (DPR) is currently 421.62%.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.83% of the stock is owned by corporate insiders.

Analyst Ratings Changes

KNTK has been the subject of a number of analyst reports. Royal Bank Of Canada reduced their price objective 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. Barclays decreased their price target on shares of Kinetik from $49.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, July 14th. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a research report on Tuesday, June 17th. UBS Group initiated coverage on Kinetik in a report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price target for the company. Finally, Mizuho lowered their price objective on shares of Kinetik from $61.00 to $57.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.33.

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.