Janney Montgomery Scott LLC grew its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 69.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,977 shares of the company's stock after buying an additional 54,370 shares during the quarter. Janney Montgomery Scott LLC owned 0.08% of Kinetik worth $7,541,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in KNTK. Versor Investments LP acquired a new position in shares of Kinetik during the third quarter valued at approximately $543,000. Barclays PLC increased its holdings in Kinetik by 34.5% in the third quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after buying an additional 60,058 shares during the last quarter. Principal Financial Group Inc. bought a new position in Kinetik during the third quarter valued at about $921,000. Eos Management L.P. lifted its holdings in Kinetik by 84.9% in the 3rd quarter. Eos Management L.P. now owns 27,000 shares of the company's stock worth $1,222,000 after purchasing an additional 12,400 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock valued at $39,742,000 after buying an additional 13,644 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.
Kinetik Price Performance
Shares of NASDAQ:KNTK traded up $1.37 during midday trading on Wednesday, reaching $64.80. The company's stock had a trading volume of 632,264 shares, compared to its average volume of 660,609. The business's fifty day simple moving average is $59.51 and its 200-day simple moving average is $51.15. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $67.60. The company has a market capitalization of $10.21 billion, a P/E ratio of 23.91, a P/E/G ratio of 1.80 and a beta of 2.91.
Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings data 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). 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 during the quarter, compared to the consensus estimate of $331.21 million. During the same quarter last year, the firm earned $0.21 EPS. The business's revenue for the quarter was up 20.0% on a year-over-year basis. On average, analysts forecast that Kinetik Holdings Inc. will post 1.35 earnings per share for the current fiscal year.
Kinetik Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd will be paid a $0.78 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a yield of 4.81%. Kinetik's payout ratio is presently 115.13%.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on KNTK shares. The Goldman Sachs Group increased their price objective on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Royal Bank of Canada boosted their price target on shares of Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Mizuho lifted 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. Scotiabank dropped their price target on shares of Kinetik from $64.00 to $62.00 and set a "sector outperform" rating for the company in a research report on Tuesday, January 21st. Finally, Wells Fargo & Company increased their target price on Kinetik from $58.00 to $60.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Kinetik has a consensus rating of "Moderate Buy" and a consensus target price of $59.25.
Read Our Latest Research Report on KNTK
About Kinetik
(
Free Report)
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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