Intech Investment Management LLC Invests $558,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Intech Investment Management LLC acquired a new position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,336 shares of the company's stock, valued at approximately $558,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its stake in shares of Kinetik by 88.3% during the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company's stock worth $26,271,000 after acquiring an additional 297,200 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Kinetik by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company's stock valued at $18,962,000 after purchasing an additional 20,644 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Kinetik by 70.3% in the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company's stock valued at $18,927,000 after purchasing an additional 188,533 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of Kinetik by 15.7% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 398,136 shares of the company's stock worth $18,020,000 after buying an additional 54,000 shares during the last quarter. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of Kinetik during the 2nd quarter worth $13,550,000. Institutional investors own 21.11% of the company's stock.

Kinetik Price Performance

Shares of NASDAQ KNTK traded down $1.84 during trading hours on Monday, reaching $57.18. The stock had a trading volume of 565,977 shares, compared to its average volume of 515,714. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $62.55. The business's fifty day moving average is $52.05 and its two-hundred day moving average is $45.58. The company has a market cap of $9.01 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 2.74 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 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 business had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. During the same period in the previous year, the business posted $0.21 earnings per share. Kinetik's revenue was up 20.0% on a year-over-year basis. Sell-side analysts forecast that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were paid a $0.78 dividend. This is a positive change from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.46%. The ex-dividend date was Monday, October 28th. Kinetik's dividend payout ratio is currently 115.13%.

Wall Street Analysts Forecast Growth

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