Kinetik Holdings Inc. $KNTK Stock Position Lowered by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its position in Kinetik Holdings Inc. (NYSE:KNTK) by 1.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,744 shares of the company’s stock after selling 278 shares during the period. Corebridge Financial Inc.’s holdings in Kinetik were worth $974,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Illinois Municipal Retirement Fund bought a new stake in shares of Kinetik in the 1st quarter worth $615,000. Catalyst Capital Advisors LLC raised its position in shares of Kinetik by 10.2% during the first quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company’s stock worth $14,049,000 after purchasing an additional 24,933 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Kinetik in the 1st quarter valued at $970,000. Russell Investments Group Ltd. boosted its position in shares of Kinetik by 14.3% in the 1st quarter. Russell Investments Group Ltd. now owns 50,309 shares of the company’s stock valued at $2,613,000 after purchasing an additional 6,292 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Kinetik in the 1st quarter valued at $647,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Down 1.8%

NYSE:KNTK opened at $41.93 on Friday. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 56.66 and a beta of 3.16. Kinetik Holdings Inc. has a 1-year low of $39.25 and a 1-year high of $67.60. The business’s fifty day moving average price is $41.86 and its 200 day moving average price is $45.26.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results 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 firm’s revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the business earned $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 given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik’s payout ratio is presently 421.62%.

Wall Street Analysts Forecast Growth

KNTK has been the subject of a number of recent analyst reports. Scotiabank reiterated an “outperform” rating and issued a $55.00 price target on shares of Kinetik in a research report on Thursday, August 14th. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a research report on Tuesday, June 17th. Citigroup reiterated a “buy” rating on shares of Kinetik in a research report on Tuesday, June 10th. Mizuho set a $53.00 price target on Kinetik and gave the company an “outperform” rating in a research report on Friday, August 29th. Finally, Barclays decreased their price target on Kinetik from $49.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, July 14th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.89.

Kinetik Profile

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.