Advisors Asset Management Inc. Raises Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Advisors Asset Management Inc. boosted its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 26.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 318,938 shares of the company's stock after buying an additional 66,329 shares during the period. Advisors Asset Management Inc. owned approximately 0.20% of Kinetik worth $14,435,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Blackstone Inc. raised its position in shares of Kinetik by 13.8% during the 1st 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. grew its holdings in shares of Kinetik by 148.3% in the first 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 stake in Kinetik by 52.0% during the first 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. Yaupon Capital Management LP acquired a new position in Kinetik in the 1st quarter valued at about $30,867,000. Finally, HITE Hedge Asset Management LLC purchased a new stake in shares of Kinetik in the 2nd quarter valued at approximately $13,550,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Up 0.7 %

NASDAQ:KNTK traded up $0.43 on Wednesday, reaching $60.57. 407,861 shares of the company's stock were exchanged, compared to its average volume of 513,534. The business has a fifty day moving average of $49.69 and a 200-day moving average of $44.43. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $60.64. The firm has a market capitalization of $9.54 billion, a price-to-earnings ratio of 22.19, a price-to-earnings-growth ratio of 2.68 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate 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 period in the previous year, the firm earned $0.21 earnings per share. The company's revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, equities analysts anticipate that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were paid 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 dividend yield of 5.15%. This is an increase from Kinetik's previous quarterly dividend of $0.75. Kinetik's payout ratio is presently 115.13%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on KNTK shares. Royal Bank of Canada upped their price objective on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Barclays raised their price objective on Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Monday, October 14th. Finally, Mizuho upped their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $45.71.

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.