Westwood Holdings Group Inc. Sells 1,006,354 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Westwood Holdings Group Inc. lowered its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 42.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,342,186 shares of the company’s stock after selling 1,006,354 shares during the quarter. Westwood Holdings Group Inc. owned 0.87% of Kinetik worth $55,620,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Blackstone Inc. increased its position in Kinetik by 13.8% during the first 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. Vanguard Group Inc. raised its position in Kinetik by 52.0% in the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after purchasing an additional 1,134,570 shares during the period. Kayne Anderson Capital Advisors LP lifted 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 worth $46,448,000 after purchasing an additional 1,109,308 shares during the last quarter. Yaupon Capital Management LP bought a new stake in Kinetik in the first quarter worth about $30,867,000. Finally, Cohen & Steers Inc. grew its stake in shares of Kinetik by 97.5% during the fourth quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock valued at $25,482,000 after buying an additional 376,732 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

NASDAQ:KNTK opened at $45.75 on Friday. The firm has a market cap of $7.03 billion, a P/E ratio of 18.75, a P/E/G ratio of 2.31 and a beta of 2.91. Kinetik Holdings Inc. has a one year low of $31.31 and a one year high of $47.41. The firm has a 50-day simple moving average of $43.09 and a 200-day simple moving average of $40.72.

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

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.56%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s payout ratio is currently 122.95%.

Analyst Ratings Changes

A number of brokerages recently issued reports on KNTK. Royal Bank of Canada raised their price target on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Barclays reissued an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a research note on Wednesday, July 10th. Finally, Scotiabank raised their price target on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 2nd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

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.