Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Purchased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lifted its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 19.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 80,491 shares of the company's stock after purchasing an additional 13,011 shares during the period. Exchange Traded Concepts LLC owned about 0.05% of Kinetik worth $3,643,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of KNTK. Blackstone Inc. lifted its holdings in Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company's stock worth $474,977,000 after acquiring an additional 1,442,653 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company's stock worth $132,158,000 after acquiring an additional 1,134,570 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in Kinetik by 148.3% in the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company's stock worth $93,636,000 after acquiring an additional 1,402,751 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company's stock worth $46,448,000 after acquiring an additional 1,109,308 shares during the last quarter. Finally, Yaupon Capital Management LP bought a new position in Kinetik in the first quarter worth about $30,867,000. Institutional investors own 21.11% of the company's stock.

Kinetik Price Performance

Shares of NASDAQ KNTK traded up $0.23 during mid-day trading on Monday, reaching $49.92. 478,086 shares of the company traded hands, compared to its average volume of 513,012. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $50.07. The firm has a market cap of $7.67 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91. The stock has a fifty day simple moving average of $44.69 and a 200-day simple moving average of $41.96.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 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 business had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same quarter last year, the business earned $0.41 earnings per share. The business's revenue for the quarter was up 21.4% on a year-over-year basis. As a group, analysts predict that Kinetik Holdings Inc. will post 1.39 EPS for the current fiscal year.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.01%. Kinetik's dividend payout ratio is presently 122.95%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Royal Bank of Canada raised their target price on shares of Kinetik from $43.00 to $46.00 and gave the stock an "outperform" rating in a report on Thursday, August 15th. Scotiabank lifted their price target on Kinetik from $42.00 to $48.00 and gave the company a "sector outperform" rating in a report on Tuesday, July 2nd. Finally, Barclays lifted their price target on Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Kinetik presently has an average rating of "Moderate Buy" and a consensus target price of $43.00.

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.