22,111 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Purchased by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd purchased a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 22,111 shares of the company’s stock, valued at approximately $739,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in Kinetik during the 4th quarter worth about $3,756,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Kinetik by 137.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 332,422 shares of the company’s stock worth $11,103,000 after buying an additional 192,655 shares in the last quarter. Chickasaw Capital Management LLC lifted its position in Kinetik by 217.0% during the 4th quarter. Chickasaw Capital Management LLC now owns 722,326 shares of the company’s stock worth $24,126,000 after buying an additional 494,453 shares in the last quarter. Fractal Investments LLC bought a new stake in Kinetik during the 4th quarter worth about $919,000. Finally, Jump Financial LLC bought a new stake in Kinetik during the 4th quarter worth about $719,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on KNTK. Barclays started coverage on Kinetik in a report on Monday, April 22nd. They set an “equal weight” rating and a $40.00 price objective for the company. Royal Bank of Canada started coverage on Kinetik in a research note on Monday, March 25th. They issued an “outperform” rating and a $40.00 price target for the company. Scotiabank increased their target price on Kinetik from $38.00 to $42.00 and gave the stock a “sector outperform” rating in a research note on Friday, May 10th. JPMorgan Chase & Co. increased 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, Wells Fargo & Company increased their target price on Kinetik from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 14th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $40.50.

Kinetik Trading Down 2.5 %

NASDAQ KNTK opened at $40.41 on Thursday. The company has a market cap of $6.21 billion, a PE ratio of 16.56, a PEG ratio of 2.64 and a beta of 2.81. Kinetik Holdings Inc. has a 12 month low of $30.58 and a 12 month high of $41.77. The stock has a 50 day moving average of $38.96 and a 200-day moving average of $35.80.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.32). Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. The company had revenue of $341.39 million during the quarter, compared to analyst estimates of $277.52 million. During the same period in the previous year, the company posted ($0.06) EPS. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. As a group, sell-side analysts predict that Kinetik Holdings Inc. will post 1.91 EPS for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Monday, April 29th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 7.42%. The ex-dividend date was Friday, April 26th. Kinetik’s dividend payout ratio is 122.95%.

Insider Buying and Selling at Kinetik

In other Kinetik news, insider Anne Psencik sold 3,182 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the transaction, the insider now owns 247,128 shares in the company, valued at approximately $8,790,342.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Corp Apache sold 13,079,871 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $33.75, for a total value of $441,445,646.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Anne Psencik sold 3,182 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $35.57, for a total value of $113,183.74. Following the completion of the transaction, the insider now owns 247,128 shares in the company, valued at approximately $8,790,342.96. The disclosure for this sale can be found here. Insiders sold 13,095,803 shares of company stock valued at $442,051,135 in the last quarter. 3.71% of the stock is currently owned by insiders.

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.