Advisors Capital Management LLC Lowers Holdings in Kinetik Holdings Inc. $KNTK

Advisors Capital Management LLC trimmed its position in Kinetik Holdings Inc. (NYSE:KNTK) by 4.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 441,380 shares of the company’s stock after selling 22,421 shares during the quarter. Advisors Capital Management LLC owned 0.28% of Kinetik worth $22,925,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bell Investment Advisors Inc purchased a new stake in shares of Kinetik in the 1st quarter worth $41,000. Comerica Bank raised its position in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after acquiring an additional 195 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after acquiring an additional 664 shares in the last quarter. Rossby Financial LCC bought a new position in shares of Kinetik in the 1st quarter worth $78,000. Finally, KBC Group NV bought a new position in shares of Kinetik in the 1st quarter worth $95,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $42.05 on Thursday. The business’s 50-day moving average is $41.75 and its 200 day moving average is $44.89. Kinetik Holdings Inc. has a 1 year low of $39.25 and a 1 year high of $67.60. The firm has a market capitalization of $6.81 billion, a P/E ratio of 56.82 and a beta of 3.16.

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

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik’s dividend payout ratio is currently 421.62%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on KNTK shares. Royal Bank Of Canada reduced their price target on Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. Zacks Research raised Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. Barclays reduced their price target on Kinetik from $49.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, July 14th. Mizuho set a $53.00 price target on Kinetik and gave the stock an “outperform” rating in a research report on Friday, August 29th. Finally, Citigroup reissued a “buy” rating on shares of Kinetik in a research report on Tuesday, June 10th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently 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.