GAMMA Investing LLC raised its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK – Free Report) by 72.0% during the 4th quarter, Holdings Channel reports. The fund owned 509 shares of the company’s stock after purchasing an additional 213 shares during the period. GAMMA Investing LLC’s holdings in Kinetik were worth $29,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in KNTK. Ashton Thomas Securities LLC bought a new position in Kinetik in the 3rd quarter valued at about $46,000. CWM LLC lifted its stake in shares of Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after acquiring an additional 3,615 shares during the period. Blue Trust Inc. boosted its holdings in shares of Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after acquiring an additional 2,699 shares in the last quarter. Covestor Ltd increased its stake in shares of Kinetik by 13,790.0% during the third quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after acquiring an additional 4,137 shares during the period. Finally, Stifel Financial Corp bought a new stake in Kinetik during the third quarter worth approximately $202,000. Institutional investors and hedge funds own 21.11% of the company’s stock.
Analyst Ratings Changes
Several brokerages have recently issued reports on KNTK. Royal Bank of Canada lifted their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company lifted their price target on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Citigroup increased their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Mizuho lifted their target price on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Scotiabank started coverage on Kinetik in a research report on Friday, January 10th. They set a “sector outperform” rating and a $64.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.75.
Kinetik Trading Up 1.9 %
Shares of Kinetik stock opened at $61.77 on Wednesday. The stock has a market capitalization of $9.73 billion, a price-to-earnings ratio of 22.79, a P/E/G ratio of 2.85 and a beta of 2.91. The firm’s 50-day moving average price is $57.67 and its two-hundred day moving average price is $49.34. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $62.55.
Kinetik (NASDAQ:KNTK – Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. Kinetik’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, equities research analysts predict that Kinetik Holdings Inc. will post 1.35 EPS for the current year.
Kinetik Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.05%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is 115.13%.
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.
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