Chickasaw Capital Management LLC Sells 48,686 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Chickasaw Capital Management LLC decreased its stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 7.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 617,656 shares of the company's stock after selling 48,686 shares during the quarter. Kinetik accounts for about 1.4% of Chickasaw Capital Management LLC's investment portfolio, making the stock its 13th largest holding. Chickasaw Capital Management LLC owned 0.39% of Kinetik worth $35,027,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Versor Investments LP purchased a new position in shares of Kinetik during the third quarter valued at $543,000. Barclays PLC grew its stake in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock valued at $10,603,000 after acquiring an additional 60,058 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of Kinetik in the 3rd quarter valued at about $921,000. Eos Management L.P. lifted its position in shares of Kinetik by 84.9% in the third quarter. Eos Management L.P. now owns 27,000 shares of the company's stock worth $1,222,000 after purchasing an additional 12,400 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock valued at $39,742,000 after purchasing an additional 13,644 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on KNTK. Barclays increased their target price on shares of Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Monday, October 14th. Royal Bank of Canada lifted their price objective on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. The Goldman Sachs Group upped their target price on Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Mizuho lifted their price target on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Finally, Wells Fargo & Company increased their price objective on Kinetik from $58.00 to $60.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Kinetik has an average rating of "Moderate Buy" and a consensus target price of $53.00.

Kinetik Trading Up 1.4 %

Kinetik stock traded up $0.80 during trading hours on Tuesday, reaching $59.30. 523,434 shares of the company were exchanged, compared to its average volume of 565,409. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $62.55. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 2.85 and a beta of 2.91. The stock has a 50-day moving average of $56.75 and a 200 day moving average of $48.80.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its earnings results 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). 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%. The business's quarterly 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 earnings per share. As a group, research analysts forecast that Kinetik Holdings Inc. will post 1.35 EPS for the current year.

Kinetik Increases Dividend

The firm 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 represents a $3.12 annualized dividend and a dividend yield of 5.26%. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from Kinetik's previous quarterly dividend of $0.75. Kinetik's payout ratio is currently 115.13%.

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.