Two Sigma Advisers LP trimmed its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 29.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 368,980 shares of the company's stock after selling 152,300 shares during the quarter. Two Sigma Advisers LP owned 0.23% of Kinetik worth $16,700,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in shares of Kinetik during the 3rd quarter valued at about $46,000. Blue Trust Inc. boosted its position in shares of Kinetik by 244.9% during the third 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. CWM LLC grew its holdings in Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company's stock worth $172,000 after purchasing an additional 3,615 shares during the period. Point72 DIFC Ltd bought a new position in shares of Kinetik during the second quarter valued at $187,000. Finally, Covestor Ltd lifted its stake in shares of Kinetik by 13,790.0% in the third quarter. Covestor Ltd now owns 4,167 shares of the company's stock worth $189,000 after buying an additional 4,137 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.
Kinetik Stock Down 3.3 %
Shares of NASDAQ KNTK traded down $1.93 during midday trading on Monday, hitting $56.27. The stock had a trading volume of 627,242 shares, compared to its average volume of 514,104. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55. The stock has a 50 day simple moving average of $53.19 and a 200-day simple moving average of $46.18. The company has a market capitalization of $8.86 billion, a PE ratio of 21.48, a P/E/G ratio of 2.92 and a beta of 2.95.
Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $331.21 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company's revenue was up 20.0% on a year-over-year basis. As a group, analysts expect that Kinetik Holdings Inc. will post 1.35 earnings per share for the current fiscal year.
Kinetik Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid 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 5.54%. Kinetik's dividend payout ratio (DPR) is currently 115.13%.
Wall Street Analyst Weigh In
KNTK has been the subject of a number of research reports. Royal Bank of Canada upped 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. Barclays raised their price target on Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, October 14th. Finally, Mizuho lifted their price target on Kinetik from $47.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Kinetik currently has a consensus rating of "Moderate Buy" and an average price target of $45.71.
Check Out Our Latest Research Report on KNTK
About Kinetik
(
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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