Gilman Hill Asset Management LLC Raises Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Gilman Hill Asset Management LLC grew its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 551.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 244,524 shares of the company's stock after acquiring an additional 206,999 shares during the period. Kinetik comprises about 1.9% of Gilman Hill Asset Management LLC's portfolio, making the stock its 11th largest holding. Gilman Hill Asset Management LLC owned 0.16% of Kinetik worth $11,067,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Beach Investment Counsel Inc. PA acquired a new position in shares of Kinetik in the second quarter valued at approximately $27,000. Ameritas Investment Partners Inc. boosted its stake in Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock worth $145,000 after acquiring an additional 1,926 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock valued at $159,000 after acquiring an additional 2,803 shares during the period. CWM LLC grew its holdings in shares of Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company's stock valued at $172,000 after buying an additional 3,615 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in Kinetik during the 2nd quarter worth approximately $187,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on KNTK. Scotiabank raised their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 2nd. Barclays reaffirmed an "equal weight" rating and issued a $43.00 target price on shares of Kinetik in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada raised their price objective on Kinetik from $43.00 to $46.00 and gave the company an "outperform" rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $42.43.

Kinetik Stock Up 2.4 %

NASDAQ:KNTK traded up $1.15 during mid-day trading on Friday, hitting $49.69. 490,294 shares of the company traded hands, compared to its average volume of 513,190. Kinetik Holdings Inc. has a one year low of $31.73 and a one year high of $49.70. The firm has a market cap of $7.83 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91. The stock's fifty day moving average price is $44.46 and its 200-day moving average price is $41.89.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. Kinetik's revenue was up 21.4% on a year-over-year basis. Equities analysts predict that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were paid a $0.75 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.00 annualized dividend and a yield of 6.04%. Kinetik's dividend payout ratio (DPR) is 116.73%.

About Kinetik

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.