Cubist Systematic Strategies LLC Has $1.32 Million Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Cubist Systematic Strategies LLC lessened its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 84.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,344 shares of the company’s stock after selling 127,873 shares during the period. Cubist Systematic Strategies LLC’s holdings in Kinetik were worth $1,324,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Kinetik by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock valued at $226,967,000 after purchasing an additional 72,760 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Kinetik by 3.0% in the 4th quarter. Invesco Ltd. now owns 1,247,843 shares of the company’s stock valued at $70,765,000 after purchasing an additional 36,362 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Kinetik by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company’s stock valued at $35,689,000 after purchasing an additional 43,629 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Kinetik by 12.5% in the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock valued at $27,675,000 after purchasing an additional 54,081 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Kinetik by 10.5% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock valued at $24,952,000 after purchasing an additional 41,864 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Scotiabank reduced their target price on shares of Kinetik from $57.00 to $54.00 and set a “sector outperform” rating on the stock in a research note on Monday. US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. JPMorgan Chase & Co. increased their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price objective on the stock. Finally, Barclays increased their price objective on shares of Kinetik from $57.00 to $58.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.89.

Kinetik Stock Up 3.9%

Shares of NASDAQ:KNTK opened at $45.01 on Wednesday. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60. The company’s 50-day moving average price is $46.48 and its two-hundred day moving average price is $54.42. The firm has a market cap of $7.10 billion, a P/E ratio of 16.61, a P/E/G ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. As a group, equities analysts predict that Kinetik Holdings Inc. will post 1.96 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 6.93%. Kinetik’s payout ratio is presently 328.42%.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares in the company, valued at $58,106,647.60. This trade represents a 79.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.83% of the company’s stock.

Kinetik Company 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.