Two Sigma Advisers LP Has $22.17 Million Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Two Sigma Advisers LP grew its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 5.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 390,880 shares of the company’s stock after acquiring an additional 21,900 shares during the quarter. Two Sigma Advisers LP owned about 0.25% of Kinetik worth $22,167,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of KNTK. Pictet Asset Management Holding SA boosted its position in shares of Kinetik by 8,475.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock worth $24,442,000 after acquiring an additional 425,977 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of Kinetik by 391.1% in the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock valued at $22,250,000 after purchasing an additional 312,458 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Kinetik in the 4th quarter valued at $11,241,000. Deutsche Bank AG raised its holdings in shares of Kinetik by 106.8% during the 4th quarter. Deutsche Bank AG now owns 279,279 shares of the company’s stock worth $15,838,000 after buying an additional 144,226 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Kinetik by 34.8% during the 4th quarter. Two Sigma Investments LP now owns 372,650 shares of the company’s stock worth $21,133,000 after buying an additional 96,210 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on KNTK shares. Citigroup upgraded Kinetik from a “neutral” rating to a “buy” rating and decreased their target price for the company from $58.00 to $55.00 in a research report on Tuesday. UBS Group started coverage on shares of Kinetik in a report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price target on the stock. Royal Bank of Canada dropped their price objective on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Scotiabank cut 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 report on Monday, May 12th. Finally, US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.11.

Kinetik Stock Performance

Shares of NASDAQ KNTK opened at $46.13 on Wednesday. The firm has a 50 day moving average price of $45.94 and a two-hundred day moving average price of $54.32. The stock has a market cap of $7.28 billion, a P/E ratio of 17.02, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share 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. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 earnings per share. Analysts predict that Kinetik Holdings Inc. will post 1.96 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.76%. Kinetik’s dividend payout ratio (DPR) is 328.42%.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares of the company’s stock, valued at approximately $34,628,320.78. This represents a 61.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.83% of the stock is owned by corporate insiders.

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.