WBI Investments LLC Acquires Shares of 32,392 Kinetik Holdings Inc. (NASDAQ:KNTK)

WBI Investments LLC bought a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 32,392 shares of the company’s stock, valued at approximately $1,082,000.

Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. acquired a new stake in shares of Kinetik during the third quarter worth approximately $232,000. Arizona State Retirement System acquired a new position in shares of Kinetik during the fourth quarter worth approximately $240,000. Graham Capital Management L.P. bought a new position in Kinetik in the 3rd quarter valued at $252,000. SG Americas Securities LLC increased its position in Kinetik by 19.1% in the fourth quarter. SG Americas Securities LLC now owns 8,638 shares of the company’s stock worth $289,000 after purchasing an additional 1,383 shares during the period. Finally, Mutual Advisors LLC bought a new stake in shares of Kinetik during the fourth quarter worth approximately $301,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Insider Transactions at Kinetik

In other Kinetik news, insider Jamie Welch purchased 14,814 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was purchased at an average cost of $33.75 per share, for a total transaction of $499,972.50. Following the acquisition, the insider now owns 3,599,225 shares in the company, valued at approximately $121,473,843.75. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other Kinetik news, insider Trevor Howard sold 7,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $37.62, for a total value of $263,340.00. Following the completion of the sale, the insider now directly owns 198,411 shares in the company, valued at $7,464,221.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jamie Welch acquired 14,814 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were bought at an average price of $33.75 per share, for a total transaction of $499,972.50. Following the acquisition, the insider now directly owns 3,599,225 shares of the company’s stock, valued at approximately $121,473,843.75. The disclosure for this purchase can be found here. Insiders sold 13,095,803 shares of company stock worth $442,051,135 over the last ninety days. 3.71% of the stock is owned by insiders.

Kinetik Stock Performance

Shares of NASDAQ KNTK traded up $0.11 during trading hours on Thursday, hitting $40.52. 68,514 shares of the stock were exchanged, compared to its average volume of 547,543. The company has a market cap of $6.23 billion, a PE ratio of 16.56, a price-to-earnings-growth ratio of 2.64 and a beta of 2.81. Kinetik Holdings Inc. has a 1-year low of $30.58 and a 1-year high of $41.77. The company’s fifty day simple moving average is $38.96 and its two-hundred day simple moving average is $35.80.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.12 earnings per share (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 business had revenue of $341.39 million for the quarter, compared to the consensus estimate of $277.52 million. During the same period in the previous year, the business posted ($0.06) EPS. Kinetik’s revenue was up 21.5% on a year-over-year basis. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.91 EPS for the current fiscal year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Monday, April 29th were paid a $0.75 dividend. The ex-dividend date was Friday, April 26th. This represents a $3.00 annualized dividend and a dividend yield of 7.40%. Kinetik’s payout ratio is 122.95%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on KNTK shares. Wells Fargo & Company raised their price target on Kinetik from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 14th. Royal Bank of Canada initiated coverage on shares of Kinetik in a research note on Monday, March 25th. They issued an “outperform” rating and a $40.00 target price for the company. Mizuho raised their price objective on Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Scotiabank boosted their target price on Kinetik from $38.00 to $42.00 and gave the company a “sector outperform” rating in a research note on Friday, May 10th. Finally, JPMorgan Chase & Co. raised their price target on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and an average target price of $40.50.

Kinetik Company 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.