NewEdge Advisors LLC Lowers Stock Holdings in Kinetik Holdings Inc. $KNTK

NewEdge Advisors LLC trimmed its position in Kinetik Holdings Inc. (NYSE:KNTK) by 12.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,241 shares of the company’s stock after selling 5,696 shares during the quarter. NewEdge Advisors LLC’s holdings in Kinetik were worth $2,038,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Westwood Holdings Group Inc. increased its stake in Kinetik by 4.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company’s stock worth $58,528,000 after acquiring an additional 43,619 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its stake in Kinetik by 4.4% in the first quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company’s stock valued at $43,117,000 after purchasing an additional 34,811 shares in the last quarter. Chickasaw Capital Management LLC raised its stake in Kinetik by 0.8% in the first quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company’s stock valued at $32,327,000 after purchasing an additional 4,732 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik by 34.1% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company’s stock valued at $30,645,000 after purchasing an additional 150,000 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Kinetik by 11.4% in the first quarter. Northern Trust Corp now owns 436,174 shares of the company’s stock valued at $22,655,000 after purchasing an additional 44,651 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Price Performance

Shares of KNTK stock opened at $43.24 on Friday. The stock has a market capitalization of $7.00 billion, a PE ratio of 58.43 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 has a 50-day moving average of $41.74 and a 200 day moving average of $44.79.

Kinetik (NYSE:KNTK) last issued its 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%.During the same quarter in the previous year, the firm posted $0.54 earnings per share. Kinetik’s revenue for the quarter was up 18.7% on a year-over-year basis.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.2%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik’s payout ratio is presently 421.62%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on KNTK shares. Royal Bank Of Canada lowered their target price on shares of Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. Scotiabank reaffirmed an “outperform” rating on shares of Kinetik in a research note on Monday. Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a research note on Tuesday, June 17th. Mizuho set a $53.00 target price on shares of Kinetik and gave the company an “outperform” rating in a research note on Friday, August 29th. Finally, Barclays lowered their target price on shares of Kinetik from $49.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, July 14th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.67.

Kinetik Company 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.