Fractal Investments LLC Invests $919,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Fractal Investments LLC bought a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 27,502 shares of the company’s stock, valued at approximately $919,000. Kinetik makes up approximately 0.2% of Fractal Investments LLC’s portfolio, making the stock its 23rd largest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. New York State Common Retirement Fund grew its stake in shares of Kinetik by 11.5% during the 4th quarter. New York State Common Retirement Fund now owns 19,424 shares of the company’s stock worth $649,000 after acquiring an additional 2,004 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 worth $11,103,000 after buying an additional 192,655 shares during the period. Arizona State Retirement System purchased a new position in Kinetik in the 4th quarter valued at approximately $240,000. Spirit of America Management Corp NY bought a new stake in Kinetik during the 4th quarter valued at $334,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in shares of Kinetik in the fourth quarter worth $3,756,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Price Performance

Kinetik stock traded up $0.59 during mid-day trading on Wednesday, hitting $39.15. The company’s stock had a trading volume of 531,832 shares, compared to its average volume of 570,185. The business has a 50 day moving average price of $36.89 and a 200-day moving average price of $35.25. Kinetik Holdings Inc. has a 12 month low of $26.32 and a 12 month high of $40.42. The stock has a market cap of $6.02 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 2.38 and a beta of 2.80.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. The company had revenue of $348.87 million during the quarter, compared to analyst estimates of $301.49 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. Kinetik’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 EPS. On average, equities research analysts expect that Kinetik Holdings Inc. will post 2 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Monday, April 29th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, April 26th. This represents a $3.00 dividend on an annualized basis and a yield of 7.66%. Kinetik’s dividend payout ratio is currently 132.74%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on KNTK. Mizuho lifted their target price on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday. Royal Bank of Canada assumed coverage on shares of Kinetik in a research note on Monday, March 25th. They issued an “outperform” rating and a $40.00 target price on the stock. Barclays began coverage on shares of Kinetik in a report on Monday. They issued an “equal weight” rating and a $40.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $40.00.

Insider Buying and Selling at Kinetik

In related news, insider Anne Psencik sold 3,182 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total value of $113,183.74. Following the sale, the insider now directly owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, 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 sale, the insider now owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jamie Welch purchased 14,814 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was bought at an average price of $33.75 per share, for a total transaction of $499,972.50. Following the acquisition, the insider now 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 sold 13,095,803 shares of company stock valued at $442,051,135 in the last quarter. Company insiders own 3.71% of the company’s stock.

Kinetik 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.