Geode Capital Management LLC Has $39.74 Million Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Geode Capital Management LLC boosted its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 1.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 877,887 shares of the company's stock after acquiring an additional 13,644 shares during the quarter. Geode Capital Management LLC owned 0.56% of Kinetik worth $39,742,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in KNTK. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Kinetik by 14.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company's stock worth $356,000 after acquiring an additional 983 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in Kinetik in the 3rd quarter valued at approximately $46,000. SL Advisors LLC boosted its position in Kinetik by 5.0% in the third quarter. SL Advisors LLC now owns 21,927 shares of the company's stock valued at $992,000 after buying an additional 1,037 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Kinetik by 19.6% during the second quarter. Van ECK Associates Corp now owns 14,143 shares of the company's stock worth $586,000 after buying an additional 2,318 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Kinetik by 71.9% during the third quarter. SG Americas Securities LLC now owns 5,678 shares of the company's stock worth $257,000 after buying an additional 2,375 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Stock Performance

Shares of NASDAQ KNTK traded up $0.33 during midday trading on Wednesday, reaching $57.68. The stock had a trading volume of 197,629 shares, compared to its average volume of 524,157. The company's 50 day moving average price is $55.37 and its 200 day moving average price is $47.64. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $62.55. The firm has a market cap of $9.09 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings results 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 net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. During the same period last year, the company posted $0.21 EPS. The business's revenue was up 20.0% compared to the same quarter last year. Equities analysts forecast that Kinetik Holdings Inc. will post 1.35 earnings per share 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 paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 5.41%. This is a boost from Kinetik's previous quarterly dividend of $0.75. Kinetik's dividend payout ratio (DPR) is currently 115.13%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Royal Bank of Canada raised 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. Citigroup lifted their price target on Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Barclays upped their price objective on Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a research note on Monday, October 14th. The Goldman Sachs Group lifted their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company upped their price target on shares of Kinetik from $58.00 to $60.00 and gave the company an "equal weight" rating in a research report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $53.00.

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.