Charles Schwab Investment Management Inc. Acquires 9,882 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Charles Schwab Investment Management Inc. increased its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 3.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 307,929 shares of the company's stock after purchasing an additional 9,882 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.20% of Kinetik worth $13,937,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Versor Investments LP bought a new position in shares of Kinetik in the third quarter valued at approximately $543,000. Principal Financial Group Inc. bought a new position in Kinetik during the third quarter worth $921,000. Eos Management L.P. boosted its position in shares of Kinetik by 84.9% during the 3rd quarter. Eos Management L.P. now owns 27,000 shares of the company's stock valued at $1,222,000 after acquiring an additional 12,400 shares in the last quarter. Quest Partners LLC boosted its holdings in Kinetik by 261.7% during the third quarter. Quest Partners LLC now owns 41,448 shares of the company's stock valued at $1,876,000 after purchasing an additional 29,988 shares in the last quarter. Finally, Dakota Wealth Management acquired a new position in shares of Kinetik in the 3rd quarter worth approximately $891,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Stock Down 3.4 %

Kinetik stock traded down $1.98 during midday trading on Monday, hitting $56.22. 202,491 shares of the stock were exchanged, compared to its average volume of 512,211. Kinetik Holdings Inc. has a 52 week low of $31.73 and a 52 week high of $62.55. The stock has a market capitalization of $8.86 billion, a PE ratio of 21.48, a P/E/G ratio of 2.92 and a beta of 2.95. The company has a fifty day simple moving average of $53.19 and a two-hundred day simple moving average of $46.18.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted 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). The business had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm's revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.21 earnings per share. As a group, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The company 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. This represents a $3.12 dividend on an annualized basis and a yield of 5.55%. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from Kinetik's previous quarterly dividend of $0.75. Kinetik's dividend payout ratio is 115.13%.

Wall Street Analyst Weigh In

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

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.