Jackson Square Capital LLC Buys Shares of 14,790 Kinetik Holdings Inc. (NYSE:KNTK)

Jackson Square Capital LLC bought a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 14,790 shares of the company’s stock, valued at approximately $768,000.

Other large investors have also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new stake in Kinetik during the 4th quarter valued at $28,000. Rialto Wealth Management LLC acquired a new stake in Kinetik during the 4th quarter valued at $34,000. Comerica Bank grew its holdings in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after buying an additional 195 shares during the last quarter. Sterling Capital Management LLC grew its holdings in Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock valued at $62,000 after buying an additional 971 shares during the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new stake in Kinetik during the 4th quarter valued at $67,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

NYSE:KNTK opened at $44.21 on Friday. The company has a market capitalization of $6.98 billion, a price-to-earnings ratio of 46.54 and a beta of 3.05. Kinetik Holdings Inc. has a one year low of $37.85 and a one year high of $67.60. The stock has a 50-day simple moving average of $43.58 and a 200 day simple moving average of $52.89.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. The business’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period last year, the business earned $0.12 EPS.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were paid a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.06%. Kinetik’s dividend payout ratio (DPR) is 328.42%.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider now directly owns 1 shares in the company, valued at $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Mizuho decreased their price objective on Kinetik from $70.00 to $61.00 and set an “outperform” rating on the stock in a report on Tuesday, May 20th. UBS Group assumed coverage on Kinetik in a report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price objective on the stock. Citigroup restated a “buy” rating on shares of Kinetik in a report on Tuesday. US Capital Advisors upgraded Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Finally, Royal Bank of Canada cut their target price on Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, May 30th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $56.56.

Kinetik 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.