1,260 Shares in Kinetik Holdings Inc. $KNTK Purchased by Chung Wu Investment Group LLC

Chung Wu Investment Group LLC purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,260 shares of the company’s stock, valued at approximately $56,000.

Several other institutional investors have also added to or reduced their stakes in KNTK. Zimmer Partners LP purchased a new position in Kinetik in the 1st quarter worth about $102,124,000. Westwood Holdings Group Inc. increased its position in Kinetik by 4.0% during the first quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company’s stock valued at $58,528,000 after acquiring an additional 43,619 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its stake in shares of Kinetik by 4.4% during the 1st 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 during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Kinetik by 32.0% in the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company’s stock worth $34,315,000 after buying an additional 189,000 shares during the last quarter. Finally, Chickasaw Capital Management LLC increased its holdings in Kinetik by 7.7% during the second quarter. Chickasaw Capital Management LLC now owns 670,344 shares of the company’s stock valued at $29,529,000 after buying an additional 47,956 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Stock Down 2.0%

KNTK opened at $38.60 on Monday. The business has a fifty day moving average of $42.18 and a 200 day moving average of $43.47. Kinetik Holdings Inc. has a 52-week low of $38.21 and a 52-week high of $67.60. The stock has a market cap of $6.25 billion, a P/E ratio of 52.16, a PEG ratio of 0.96 and a beta of 3.11.

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

Kinetik Dividend Announcement

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

Insiders Place Their Bets

In related news, insider Jamie Welch purchased 5,000 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were acquired at an average cost of $39.13 per share, for a total transaction of $195,650.00. Following the acquisition, the insider owned 3,676,399 shares of the company’s stock, valued at $143,857,492.87. The trade was a 0.14% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.83% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on KNTK. Scotiabank reaffirmed an “outperform” rating on shares of Kinetik in a research report on Monday, September 8th. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. 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. Citigroup reaffirmed a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research report on Saturday, September 27th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average target price 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.