Graham Capital Wealth Management LLC Has $2.07 Million Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Graham Capital Wealth Management LLC trimmed its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 5.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 49,894 shares of the company’s stock after selling 3,063 shares during the period. Kinetik accounts for about 2.8% of Graham Capital Wealth Management LLC’s holdings, making the stock its 14th largest position. Graham Capital Wealth Management LLC’s holdings in Kinetik were worth $2,068,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of KNTK. Beach Investment Counsel Inc. PA acquired a new stake in shares of Kinetik during the 2nd quarter valued at about $27,000. Ameritas Investment Partners Inc. boosted its position in shares of Kinetik by 112.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after acquiring an additional 1,926 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Kinetik by 270.0% during the 2nd 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 in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Kinetik during the 2nd quarter valued at about $187,000. Finally, EntryPoint Capital LLC boosted its position in shares of Kinetik by 109.8% during the 1st quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after acquiring an additional 2,464 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Trading Up 0.8 %

Shares of NASDAQ KNTK opened at $45.26 on Tuesday. Kinetik Holdings Inc. has a 1-year low of $31.31 and a 1-year high of $47.80. The company has a market cap of $6.95 billion, a PE ratio of 18.55, a P/E/G ratio of 2.52 and a beta of 2.91. The company has a 50-day moving average of $43.36 and a two-hundred day moving average of $41.23.

Kinetik (NASDAQ:KNTK) last announced its 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 company 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. The company’s revenue was up 21.4% on a year-over-year basis. As a group, equities research analysts forecast that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.63%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is presently 122.95%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on KNTK shares. Barclays reiterated an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a research report on Wednesday, July 10th. Royal Bank of Canada lifted their price target on shares of Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Finally, Scotiabank lifted their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.