Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. trimmed its stake in Kinetik Holdings Inc. (NASDAQ:KNTKFree Report) by 58.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 137,188 shares of the company’s stock after selling 195,234 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.09% of Kinetik worth $5,470,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Virtu Financial LLC acquired a new position in shares of Kinetik in the fourth quarter worth $223,000. Arizona State Retirement System acquired a new position in Kinetik in the fourth quarter valued at $240,000. Graham Capital Management L.P. acquired a new position in Kinetik in the third quarter valued at $252,000. SG Americas Securities LLC increased its stake in Kinetik by 19.1% in the fourth quarter. SG Americas Securities LLC now owns 8,638 shares of the company’s stock valued at $289,000 after purchasing an additional 1,383 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new position in Kinetik in the first quarter valued at $359,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Price Performance

Shares of NASDAQ KNTK opened at $42.15 on Thursday. Kinetik Holdings Inc. has a 1-year low of $31.31 and a 1-year high of $43.17. The business has a 50-day moving average of $40.44 and a 200-day moving average of $37.21. The company has a market capitalization of $6.48 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 2.61 and a beta of 2.96.

Kinetik (NASDAQ:KNTKGet Free Report) last issued its earnings results on Wednesday, May 8th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.32). Kinetik had a negative return on equity of 48.03% and a net margin of 29.62%. The company had revenue of $341.39 million during the quarter, compared to analysts’ expectations of $277.52 million. During the same period in the previous year, the company earned ($0.06) EPS. Kinetik’s quarterly revenue was up 21.5% on a year-over-year basis. Research analysts expect that Kinetik Holdings Inc. will post 1.15 EPS for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Monday, April 29th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 7.12%. The ex-dividend date was Friday, April 26th. Kinetik’s dividend payout ratio (DPR) is 122.95%.

Wall Street Analysts Forecast Growth

KNTK has been the subject of several analyst reports. Wells Fargo & Company upped their target price on Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 14th. Mizuho upped their target price on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Royal Bank of Canada began coverage on Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target for the company. JPMorgan Chase & Co. boosted their price target on Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Finally, Scotiabank boosted their price target on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $41.40.

View Our Latest Report on KNTK

About Kinetik

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Kinetik (NASDAQ:KNTK)

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