Ghisallo Capital Management LLC Sells 105,162 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Ghisallo Capital Management LLC lowered its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 51.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 100,000 shares of the company’s stock after selling 105,162 shares during the period. Ghisallo Capital Management LLC’s holdings in Kinetik were worth $4,144,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Blackstone Inc. grew its holdings in shares of Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after purchasing an additional 1,442,653 shares during the last quarter. Westwood Holdings Group Inc. increased its position in Kinetik by 148.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after purchasing an additional 1,402,751 shares during the period. Vanguard Group Inc. raised its holdings 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 in the last quarter. Kayne Anderson Capital Advisors LP raised 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 buying an additional 1,109,308 shares in the last quarter. Finally, Yaupon Capital Management LP bought a new stake in Kinetik during the 1st quarter valued at approximately $30,867,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Up 1.4 %

Shares of NASDAQ KNTK opened at $45.91 on Wednesday. The firm has a market cap of $7.05 billion, a P/E ratio of 18.82, a PEG ratio of 2.52 and a beta of 2.91. Kinetik Holdings Inc. has a twelve month low of $31.31 and a twelve month high of $47.80. The company has a 50 day moving average of $43.36 and a 200 day moving average of $41.23.

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 firm had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. During the same period in the prior year, the company posted $0.41 earnings per share. The company’s quarterly revenue was up 21.4% on a year-over-year basis. As a group, equities analysts expect that Kinetik Holdings Inc. will post 1.39 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.00 annualized dividend and a dividend yield of 6.53%. Kinetik’s payout ratio is 122.95%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on KNTK shares. Royal Bank of Canada raised their target price on Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Scotiabank upped 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 reiterated an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Kinetik 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.