78,607 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Purchased by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC purchased a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 78,607 shares of the company's stock, valued at approximately $3,558,000. Janney Montgomery Scott LLC owned 0.05% of Kinetik at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Beach Investment Counsel Inc. PA purchased a new stake in shares of Kinetik during the second quarter worth approximately $27,000. Ameritas Investment Partners Inc. lifted its position in shares of Kinetik by 112.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock worth $145,000 after buying an additional 1,926 shares during the last quarter. CWM LLC raised its stake in Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company's stock worth $172,000 after acquiring an additional 3,615 shares in the last quarter. Blue Trust Inc. boosted its stake in Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock valued at $158,000 after acquiring an additional 2,699 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of Kinetik by 270.0% during the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock worth $159,000 after purchasing an additional 2,803 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on KNTK shares. Royal Bank of Canada increased 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 lifted their target price on Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a research note on Monday, October 14th. Finally, Mizuho boosted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $45.71.

Kinetik Price Performance

Shares of KNTK stock traded down $0.42 during midday trading on Monday, reaching $57.54. 559,681 shares of the company traded hands, compared to its average volume of 513,695. The firm has a market cap of $9.06 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 2.73 and a beta of 2.91. The firm's 50 day simple moving average is $47.77 and its two-hundred day simple moving average is $43.49. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $58.68.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 48.41% and a net margin of 30.25%. The firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same period last year, the firm earned $0.21 EPS. The company's quarterly revenue was up 20.0% compared to the same quarter last year. As a group, research analysts anticipate 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. Investors of record on Monday, October 28th were given a dividend of $0.78 per share. This is an increase from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.42%. The ex-dividend date was Monday, October 28th. Kinetik's payout ratio is currently 115.13%.

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.