Chickasaw Capital Management LLC Sells 21,636 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Chickasaw Capital Management LLC reduced its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 3.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 666,342 shares of the company’s stock after selling 21,636 shares during the period. Kinetik makes up about 1.3% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its 15th biggest position. Chickasaw Capital Management LLC’s holdings in Kinetik were worth $30,159,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blackstone Inc. increased its stake in shares of Kinetik by 13.8% in the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after acquiring an additional 1,442,653 shares during the last quarter. Westwood Holdings Group Inc. increased its position in shares of Kinetik by 148.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after buying an additional 1,402,751 shares in the last quarter. Vanguard Group Inc. raised its stake 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 buying an additional 1,134,570 shares during the period. Kayne Anderson Capital Advisors LP grew its stake in Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock valued at $46,448,000 after acquiring an additional 1,109,308 shares during the period. Finally, Yaupon Capital Management LP acquired a new stake in shares of Kinetik during the first quarter worth about $30,867,000. 21.11% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Scotiabank raised their target price on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays reaffirmed an “equal weight” rating and issued a $43.00 price objective on shares of Kinetik in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada increased their target price on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $42.43.

Kinetik Trading Up 2.4 %

Shares of Kinetik stock traded up $1.15 on Friday, reaching $49.69. 490,294 shares of the company were exchanged, compared to its average volume of 513,190. Kinetik Holdings Inc. has a one year low of $31.73 and a one year high of $49.70. The company has a 50-day moving average of $44.46 and a 200 day moving average of $41.85. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The firm had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same period in the prior year, the firm posted $0.41 earnings per share. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. Analysts predict that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 6.04%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s payout ratio is currently 116.73%.

About Kinetik

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.