Kayne Anderson Capital Advisors LP Sells 261,124 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Kayne Anderson Capital Advisors LP reduced its stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 21.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 959,229 shares of the company's stock after selling 261,124 shares during the quarter. Kinetik comprises approximately 1.1% of Kayne Anderson Capital Advisors LP's portfolio, making the stock its 19th biggest holding. Kayne Anderson Capital Advisors LP owned approximately 0.61% of Kinetik worth $43,415,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Beach Investment Counsel Inc. PA purchased a new position in shares of Kinetik in the 2nd quarter worth $27,000. Ashton Thomas Securities LLC purchased a new position in Kinetik in the third quarter valued at about $46,000. Ameritas Investment Partners Inc. grew its position in shares of Kinetik by 112.8% during the first 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 in the last quarter. Blue Trust Inc. raised its stake in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock valued at $158,000 after purchasing an additional 2,699 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in shares of Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock worth $159,000 after acquiring an additional 2,803 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Price Performance

KNTK traded up $1.57 during trading on Monday, reaching $59.26. 478,901 shares of the stock traded hands, compared to its average volume of 513,572. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $59.33. The stock's 50-day simple moving average is $49.36 and its two-hundred day simple moving average is $44.27. The stock has a market cap of $9.33 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 2.68 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share (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 during the quarter, compared to the consensus estimate of $331.21 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company's revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts anticipate 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. Investors of record on Monday, October 28th were issued 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 5.26%. The ex-dividend date was Monday, October 28th. Kinetik's dividend payout ratio is currently 115.13%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on KNTK shares. Royal Bank of Canada increased their target price on Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Mizuho increased 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. Finally, Barclays upped their target price on Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price 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.