JPMorgan Chase & Co. Increases Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

JPMorgan Chase & Co. lifted its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 53.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,858 shares of the company's stock after acquiring an additional 55,050 shares during the quarter. JPMorgan Chase & Co. owned 0.10% of Kinetik worth $7,145,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new stake in Kinetik in the third quarter valued at $46,000. CWM LLC raised its position in shares of 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. lifted its stake in Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock worth $158,000 after purchasing an additional 2,699 shares during the last quarter. Covestor Ltd lifted its position in shares of Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company's stock worth $189,000 after buying an additional 4,137 shares during the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of Kinetik during the 3rd quarter worth approximately $202,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Price Performance

NASDAQ:KNTK traded up $0.37 during trading hours on Wednesday, reaching $62.29. 672,129 shares of the company were exchanged, compared to its average volume of 519,581. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $63.34. The stock has a 50 day simple moving average of $57.91 and a 200 day simple moving average of $49.49. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.10). The firm 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%. Kinetik's revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 EPS. On average, analysts predict that Kinetik Holdings Inc. will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently announced 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 represents a $3.12 dividend on an annualized basis and a yield of 5.01%. The ex-dividend date was Monday, October 28th. This is an increase from Kinetik's previous quarterly dividend of $0.75. Kinetik's dividend payout ratio is 115.13%.

Analysts Set New Price Targets

Several brokerages recently commented on KNTK. Wells Fargo & Company lifted their price target on shares of Kinetik from $58.00 to $60.00 and gave the stock an "equal weight" rating in a research note on Wednesday, December 18th. Scotiabank started coverage on Kinetik in a research report on Friday, January 10th. They set a "sector outperform" rating and a $64.00 price target on the stock. Royal Bank of Canada increased 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 objective on shares of Kinetik from $47.00 to $61.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, The Goldman Sachs Group increased their target price on Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $59.50.

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.