Paloma Partners Management Co Invests $323,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Paloma Partners Management Co acquired a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,098 shares of the company’s stock, valued at approximately $323,000.

Other large investors also recently modified their holdings of the company. Sei Investments Co. boosted its stake in shares of Kinetik by 367.6% during the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock worth $2,219,000 after buying an additional 43,758 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Kinetik during the 4th quarter worth about $739,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Kinetik by 137.8% during 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 last quarter. Swiss National Bank raised its holdings in shares of Kinetik by 39.5% in the 1st quarter. Swiss National Bank now owns 70,600 shares of the company’s stock valued at $2,815,000 after purchasing an additional 20,000 shares during the period. Finally, Monashee Investment Management LLC bought a new stake in shares of Kinetik in the 4th quarter valued at about $2,168,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

KNTK has been the topic of a number of research analyst reports. Mizuho upped their target price on shares of Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Wells Fargo & Company upped their target price on shares of Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, May 14th. Scotiabank upped their target price on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays reaffirmed an “equal weight” rating and issued a $43.00 target price on shares of Kinetik in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. upped their target price on shares of Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.44.

Kinetik Price Performance

Kinetik stock traded down $0.62 during trading hours on Monday, hitting $41.36. The company had a trading volume of 435,953 shares, compared to its average volume of 525,569. The firm has a market cap of $6.36 billion, a PE ratio of 16.95, a PEG ratio of 2.59 and a beta of 2.96. Kinetik Holdings Inc. has a one year low of $31.31 and a one year high of $45.27. The firm has a 50-day moving average of $41.38 and a 200 day moving average of $38.14.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, May 8th. The company reported $0.12 EPS 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 business had revenue of $341.39 million for the quarter, compared to the consensus estimate of $277.52 million. During the same period in the prior year, the business posted ($0.06) earnings per share. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, research analysts expect that Kinetik Holdings Inc. will post 1.15 earnings per share for the current year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, July 29th. This represents a $3.00 annualized dividend and a dividend yield of 7.25%. Kinetik’s dividend payout ratio is presently 122.95%.

About Kinetik

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.