Jennison Associates LLC Sells 4,943 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Jennison Associates LLC decreased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 1.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 505,611 shares of the company’s stock after selling 4,943 shares during the quarter. Jennison Associates LLC owned 0.34% of Kinetik worth $16,887,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in Kinetik in the 4th quarter valued at about $3,756,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Kinetik by 137.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 332,422 shares of the company’s stock valued at $11,103,000 after buying an additional 192,655 shares during the last quarter. Chickasaw Capital Management LLC increased its stake in Kinetik by 217.0% in the 4th quarter. Chickasaw Capital Management LLC now owns 722,326 shares of the company’s stock valued at $24,126,000 after buying an additional 494,453 shares during the last quarter. Catalyst Capital Advisors LLC increased its stake in Kinetik by 36.1% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 141,351 shares of the company’s stock valued at $4,771,000 after buying an additional 37,492 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in Kinetik by 55.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 44,000 shares of the company’s stock valued at $1,470,000 after buying an additional 15,694 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Insider Buying and Selling

In other news, insider Jamie Welch acquired 14,814 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were purchased at an average price of $33.75 per share, for a total transaction of $499,972.50. Following the completion of the transaction, the insider now owns 3,599,225 shares of the company’s stock, valued at $121,473,843.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Kinetik news, insider Matthew Wall sold 5,750 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $39.82, for a total value of $228,965.00. Following the transaction, the insider now owns 530,066 shares in the company, valued at $21,107,228.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jamie Welch purchased 14,814 shares of Kinetik stock in a transaction that occurred on 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 transaction, the insider now directly owns 3,599,225 shares of the company’s stock, valued at $121,473,843.75. The disclosure for this purchase can be found here. Insiders have sold a total of 13,095,803 shares of company stock worth $442,051,135 in the last 90 days. 3.71% of the stock is owned by company insiders.

Kinetik Stock Up 0.0 %

Shares of NASDAQ:KNTK opened at $39.20 on Friday. The stock has a market cap of $6.02 billion, a PE ratio of 17.34, a PEG ratio of 2.39 and a beta of 2.80. The company’s fifty day moving average is $37.03 and its 200 day moving average is $35.27. Kinetik Holdings Inc. has a 52 week low of $26.32 and a 52 week high of $40.42.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, February 28th. The company reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $1.24. The company had revenue of $348.87 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 EPS. Sell-side analysts anticipate that Kinetik Holdings Inc. will post 2 EPS for the current year.

Kinetik Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.