Eos Management L.P. increased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 84.9% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 27,000 shares of the company's stock after buying an additional 12,400 shares during the quarter. Eos Management L.P.'s holdings in Kinetik were worth $1,222,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in KNTK. Beach Investment Counsel Inc. PA bought a new position in shares of Kinetik during the 2nd quarter valued at $27,000. Ameritas Investment Partners Inc. lifted its holdings in Kinetik by 112.8% in the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock valued at $145,000 after acquiring an additional 1,926 shares during the period. Blue Trust Inc. boosted its position in Kinetik by 244.9% in 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. Harbor Capital Advisors Inc. grew its stake in shares of Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock valued at $159,000 after purchasing an additional 2,803 shares during the period. Finally, CWM LLC grew its stake in shares of Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company's stock valued at $172,000 after purchasing an additional 3,615 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.
Kinetik Stock Performance
Shares of KNTK traded up $1.54 during mid-day trading on Friday, reaching $57.96. The stock had a trading volume of 742,940 shares, compared to its average volume of 503,776. The firm has a market cap of $9.13 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 2.73 and a beta of 2.91. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $57.97. The business has a fifty day moving average of $47.77 and a 200 day moving average of $43.49.
Kinetik (NASDAQ:KNTK - Get Free Report) last posted 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). The business had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 48.41%. Kinetik's revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.21 earnings per share. On average, research analysts forecast that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.
Kinetik Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a $0.78 dividend. The ex-dividend date was Monday, October 28th. This is a boost from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a yield of 5.38%. Kinetik's payout ratio is currently 115.13%.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on KNTK shares. Mizuho raised their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Barclays boosted their price objective on shares of Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Kinetik currently has an average rating of "Moderate Buy" and a consensus price target of $45.71.
Check Out Our Latest Stock Analysis on KNTK
Kinetik Profile
(
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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