Victory Capital Management Inc. Cuts Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Victory Capital Management Inc. cut its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 13.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 266,714 shares of the company's stock after selling 40,087 shares during the quarter. Victory Capital Management Inc. owned approximately 0.17% of Kinetik worth $12,071,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Versor Investments LP bought a new stake in Kinetik in the third quarter worth about $543,000. Sei Investments Co. raised its position in Kinetik by 367.6% in the first quarter. Sei Investments Co. now owns 55,663 shares of the company's stock worth $2,219,000 after acquiring an additional 43,758 shares during the period. Castleark Management LLC bought a new stake in Kinetik in the first quarter worth about $689,000. Eos Management L.P. raised its position in 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 acquiring an additional 12,400 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Kinetik by 140.7% in the first quarter. Russell Investments Group Ltd. now owns 74,800 shares of the company's stock worth $2,982,000 after acquiring an additional 43,729 shares during the period. Institutional investors own 21.11% of the company's stock.

Kinetik Trading Up 0.7 %

Kinetik stock opened at $60.57 on Thursday. The firm's 50 day simple moving average is $50.03 and its 200 day simple moving average is $44.54. The firm has a market capitalization of $9.54 billion, a PE ratio of 22.35, a price-to-earnings-growth ratio of 2.68 and a beta of 2.91. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $60.64.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.10). The firm had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business's revenue was up 20.0% on a year-over-year basis. During the same period last year, the company posted $0.21 EPS. Research analysts forecast that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The business 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. This represents a $3.12 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date 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%.

Analysts Set New Price Targets

Several brokerages have commented on KNTK. Mizuho lifted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Barclays boosted their price target 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 boosted their price target on shares of Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.71.

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.