Voya Investment Management LLC Has $654,000 Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Voya Investment Management LLC cut its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 7.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 11,536 shares of the company’s stock after selling 980 shares during the quarter. Voya Investment Management LLC’s holdings in Kinetik were worth $654,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of KNTK. Pictet Asset Management Holding SA boosted its stake in shares of Kinetik by 8,475.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock valued at $24,442,000 after purchasing an additional 425,977 shares in the last quarter. Prudential Financial Inc. lifted its stake in Kinetik by 391.1% in the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock valued at $22,250,000 after purchasing an additional 312,458 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Kinetik in the fourth quarter valued at approximately $11,241,000. Bornite Capital Management LP grew its stake in shares of Kinetik by 25.1% during the fourth quarter. Bornite Capital Management LP now owns 438,000 shares of the company’s stock worth $24,839,000 after buying an additional 88,000 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Kinetik by 54.1% during the fourth quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company’s stock worth $13,794,000 after buying an additional 85,378 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of NASDAQ KNTK opened at $42.37 on Friday. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60. The company’s 50 day moving average price is $47.08 and its 200-day moving average price is $54.55. The company has a market capitalization of $6.68 billion, a P/E ratio of 15.63, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same period last year, the company posted $0.12 EPS. The business’s revenue was up 29.8% compared to the same quarter last year. Analysts forecast that Kinetik Holdings Inc. will post 1.96 earnings per share for the current year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were issued a $0.78 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.36%. Kinetik’s payout ratio is currently 305.88%.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the transaction, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This represents a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wells Fargo & Company cut their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Scotiabank reduced their price target on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. UBS Group started coverage on shares of Kinetik in a research report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 target price on the stock. US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Finally, Barclays raised their price target on shares of Kinetik from $57.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.56.

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.