Hotchkis & Wiley Capital Management LLC Lowers Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Hotchkis & Wiley Capital Management LLC lessened its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 57.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,156 shares of the company's stock after selling 154,020 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.07% of Kinetik worth $5,076,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. PDT Partners LLC bought a new stake in Kinetik during the third quarter worth $3,297,000. Walleye Capital LLC boosted its stake in Kinetik by 60.8% in the third quarter. Walleye Capital LLC now owns 71,847 shares of the company's stock valued at $3,252,000 after buying an additional 27,166 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Kinetik by 14.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company's stock valued at $356,000 after acquiring an additional 983 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Kinetik in the 3rd quarter valued at approximately $1,887,000. Finally, Quantbot Technologies LP grew its holdings in shares of Kinetik by 274.8% during the 3rd quarter. Quantbot Technologies LP now owns 54,566 shares of the company's stock valued at $2,470,000 after purchasing an additional 40,008 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Price Performance

Shares of NASDAQ:KNTK traded down $0.54 during mid-day trading on Friday, hitting $58.23. The company had a trading volume of 455,368 shares, compared to its average volume of 513,625. Kinetik Holdings Inc. has a one year low of $31.73 and a one year high of $62.55. The firm has a fifty day moving average price of $52.93 and a 200 day moving average price of $45.99. The company has a market capitalization of $9.17 billion, a PE ratio of 21.64, a price-to-earnings-growth ratio of 2.66 and a beta of 2.95.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.10). The company had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company's revenue for the quarter was up 20.0% on a year-over-year basis. During the same period last year, the firm posted $0.21 earnings per share. Research analysts expect that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date was Monday, October 28th. This is a boost from Kinetik's previous quarterly dividend of $0.75. Kinetik's dividend payout ratio (DPR) is 115.13%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Royal Bank of Canada boosted their target price 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. Barclays boosted their price target on Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, October 14th. Finally, Mizuho raised their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Kinetik presently 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.