Jamie Welch Acquires 5,000 Shares of Kinetik (NYSE:KNTK) Stock

Kinetik Holdings Inc. (NYSE:KNTK) insider Jamie Welch purchased 5,000 shares of the company’s stock in a transaction dated Thursday, October 2nd. The shares were bought at an average price of $39.13 per share, for a total transaction of $195,650.00. Following the completion of the transaction, the insider directly owned 3,676,399 shares in the company, valued at approximately $143,857,492.87. This trade represents a 0.14% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Kinetik Trading Down 2.0%

Shares of Kinetik stock opened at $38.60 on Friday. The business’s 50 day simple moving average is $42.18 and its 200-day simple moving average is $43.55. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of 52.16, a PEG ratio of 0.96 and a beta of 3.11. Kinetik Holdings Inc. has a twelve month low of $38.21 and a twelve month high of $67.60.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.Kinetik’s revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 EPS.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 8.1%. The ex-dividend date was Friday, July 25th. Kinetik’s dividend payout ratio is presently 421.62%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Mizuho set a $53.00 price target on Kinetik and gave the stock an “outperform” rating in a research report on Friday, August 29th. Scotiabank restated an “outperform” rating on shares of Kinetik in a research report on Monday, September 8th. Citigroup restated a “buy” rating on shares of Kinetik in a research report on Tuesday, June 10th. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research report on Saturday, September 27th. Finally, Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.67.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. increased its position in shares of Kinetik by 41.1% during the 2nd quarter. Osaic Holdings Inc. now owns 12,391 shares of the company’s stock valued at $546,000 after purchasing an additional 3,611 shares during the period. Orion Porfolio Solutions LLC increased its position in shares of Kinetik by 4.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 19,490 shares of the company’s stock valued at $859,000 after purchasing an additional 801 shares during the period. Westwood Holdings Group Inc. increased its position in shares of Kinetik by 4.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock valued at $51,930,000 after purchasing an additional 52,058 shares during the period. Caxton Associates LLP acquired a new position in shares of Kinetik in the 2nd quarter worth $1,477,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Kinetik by 68.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,770 shares of the company’s stock worth $342,000 after acquiring an additional 3,165 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.