Sei Investments Co. Sells 38,627 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Sei Investments Co. cut its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 69.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,036 shares of the company’s stock after selling 38,627 shares during the quarter. Sei Investments Co.’s holdings in Kinetik were worth $706,000 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. Beach Investment Counsel Inc. PA acquired a new stake in shares of Kinetik during the 2nd quarter worth about $27,000. Ameritas Investment Partners Inc. increased its holdings in shares of Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after buying an additional 1,926 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after acquiring an additional 2,803 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in shares of Kinetik by 109.8% in the 1st quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock worth $188,000 after acquiring an additional 2,464 shares in the last quarter. Finally, Essex Financial Services Inc. bought a new stake in Kinetik during the 2nd quarter worth approximately $201,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on KNTK shares. Royal Bank of Canada lifted their price objective on Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Scotiabank increased their price objective 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. Finally, Barclays restated an “equal weight” rating and issued a $43.00 price objective on shares of Kinetik in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and an average target price of $42.43.

Kinetik Trading Down 0.8 %

Shares of NASDAQ:KNTK opened at $48.14 on Wednesday. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $48.69. The stock has a market capitalization of $7.40 billion, a P/E ratio of 19.73, a P/E/G ratio of 2.52 and a beta of 2.91. The business has a 50-day moving average price of $43.99 and a two-hundred day moving average price of $41.67.

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

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.00 annualized dividend and a dividend yield of 6.23%. Kinetik’s dividend payout ratio is currently 122.95%.

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.