Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Jennison Associates LLC

Jennison Associates LLC trimmed its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 1.0% during the 4th quarter, Holdings Channel reports. The fund owned 505,611 shares of the company’s stock after selling 4,943 shares during the quarter. Jennison Associates LLC’s holdings in Kinetik were worth $16,887,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Kinetik by 137.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 332,422 shares of the company’s stock worth $11,103,000 after acquiring an additional 192,655 shares during the last quarter. Arizona State Retirement System purchased a new stake in Kinetik in the fourth quarter valued at $240,000. Spirit of America Management Corp NY purchased a new stake in Kinetik in the fourth quarter valued at $334,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in shares of Kinetik in the 4th quarter valued at $3,756,000. Finally, Pacer Advisors Inc. raised its holdings in shares of Kinetik by 5.6% in the 4th quarter. Pacer Advisors Inc. now owns 23,689 shares of the company’s stock valued at $791,000 after buying an additional 1,260 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Kinetik Stock Performance

NASDAQ:KNTK opened at $39.20 on Friday. The stock has a 50-day simple moving average of $37.03 and a 200-day simple moving average of $35.27. The stock has a market cap of $6.02 billion, a P/E ratio of 17.34, a P/E/G ratio of 2.39 and a beta of 2.80. Kinetik Holdings Inc. has a 1 year low of $26.32 and a 1 year high of $40.42.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $1.24. The business had revenue of $348.87 million during the quarter, compared to analysts’ expectations of $301.49 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 EPS. On average, equities research analysts predict that Kinetik Holdings Inc. will post 2 EPS for the current year.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Monday, April 29th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 7.65%. The ex-dividend date is Friday, April 26th. Kinetik’s payout ratio is currently 132.74%.

Insider Activity

In other news, insider Matthew Wall sold 5,750 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the sale, the insider now directly owns 530,066 shares of the company’s stock, valued at approximately $21,107,228.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Kinetik news, insider Matthew Wall sold 5,750 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $39.82, for a total transaction of $228,965.00. Following the completion of the sale, the insider now directly owns 530,066 shares of the company’s stock, valued at approximately $21,107,228.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Anne Psencik sold 3,182 shares of the company’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 value of $113,183.74. Following the sale, the insider now directly owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The disclosure for this sale can be found here. In the last three months, insiders sold 13,095,803 shares of company stock valued at $442,051,135. Insiders own 3.71% of the company’s stock.

Kinetik Profile

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.