CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 15.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 398,136 shares of the company's stock after purchasing an additional 54,000 shares during the period. Kinetik accounts for 1.3% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 19th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.26% of Kinetik worth $18,020,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in KNTK. Beach Investment Counsel Inc. PA bought a new position in shares of Kinetik in the second quarter worth $27,000. Ameritas Investment Partners Inc. increased its stake in Kinetik by 112.8% in the 1st 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 during the last quarter. Blue Trust Inc. raised its holdings in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock valued at $158,000 after acquiring an additional 2,699 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Kinetik by 270.0% during the 2nd 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 last quarter. Finally, 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 worth $172,000 after purchasing an additional 3,615 shares in the last quarter. Institutional investors own 21.11% of the company's stock.
Kinetik Stock Performance
KNTK traded up $0.28 on Tuesday, hitting $50.53. 207,572 shares of the company were exchanged, compared to its average volume of 509,820. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $51.16. The firm has a fifty day simple moving average of $45.61 and a two-hundred day simple moving average of $42.32. The stock has a market capitalization of $7.76 billion, a PE ratio of 20.70, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91.
Kinetik (NASDAQ:KNTK - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.43 by $0.11. The company had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 earnings per share. On average, equities analysts expect that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.
Kinetik Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be paid a $0.78 dividend. The ex-dividend date is Monday, October 28th. This is a boost from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 6.17%. Kinetik's dividend payout ratio (DPR) is presently 127.87%.
Analysts Set New Price Targets
Several equities research analysts have issued reports on KNTK shares. Scotiabank boosted their price target on shares of Kinetik from $42.00 to $48.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, July 2nd. Royal Bank of Canada increased their target price on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price target on Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a research report on Monday, October 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.86.
Check Out Our Latest Report on Kinetik
Kinetik Company Profile
(
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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