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

Paloma Partners Management Co purchased a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the first quarter, HoldingsChannel reports. The firm purchased 8,098 shares of the company’s stock, valued at approximately $323,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Blackstone Inc. grew its holdings in Kinetik by 15.9% during the 4th quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock worth $349,715,000 after acquiring an additional 1,433,616 shares in the last quarter. Westwood Holdings Group Inc. grew its holdings in Kinetik by 148.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after acquiring an additional 1,402,751 shares in the last quarter. Vanguard Group Inc. grew its holdings in Kinetik by 52.0% during the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after acquiring an additional 1,134,570 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its holdings in Kinetik by 1,992.8% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after acquiring an additional 1,109,308 shares in the last quarter. Finally, Cohen & Steers Inc. grew its holdings in Kinetik by 97.5% during the 4th quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock worth $25,482,000 after acquiring an additional 376,732 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Down 1.5 %

Shares of Kinetik stock traded down $0.62 during midday trading on Monday, hitting $41.36. The company had a trading volume of 435,953 shares, compared to its average volume of 525,569. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 2.59 and a beta of 2.96. The company has a fifty day simple moving average of $41.38 and a 200 day simple moving average of $38.14. Kinetik Holdings Inc. has a 12-month low of $31.31 and a 12-month high of $45.27.

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

Kinetik Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on KNTK. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Mizuho increased their target price on shares of Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Barclays reissued an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a research report on Wednesday, July 10th. Scotiabank increased their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Finally, Wells Fargo & Company increased their price target on shares of Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 14th. Five research 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.44.

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.