Creative Planning Boosts Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Creative Planning lifted its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 70.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,132 shares of the company's stock after purchasing an additional 10,792 shares during the quarter. Creative Planning's holdings in Kinetik were worth $1,183,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. American Financial Group Inc. grew its holdings in shares of Kinetik by 3.8% during the 1st quarter. American Financial Group Inc. now owns 13,500 shares of the company's stock valued at $538,000 after purchasing an additional 500 shares during the last quarter. Beach Investment Counsel Inc. PA bought a new stake in Kinetik during the 2nd quarter worth approximately $27,000. SL Advisors LLC grew its holdings in Kinetik by 5.0% during the 3rd quarter. SL Advisors LLC now owns 21,927 shares of the company's stock worth $992,000 after acquiring an additional 1,037 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Kinetik by 3.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company's stock worth $1,526,000 after acquiring an additional 1,387 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in Kinetik by 112.8% during 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. 21.11% of the stock is owned by institutional investors.

Kinetik Price Performance

Shares of Kinetik stock traded down $0.91 during trading on Friday, reaching $47.76. 245,635 shares of the company traded hands, compared to its average volume of 507,803. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $51.97. The company has a 50 day moving average price of $46.72 and a 200-day moving average price of $42.86. The firm has a market capitalization of $7.52 billion, a PE ratio of 18.58, a P/E/G ratio of 2.31 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its 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 previous year, the company earned $0.41 EPS. Kinetik's quarterly revenue was up 21.4% compared to the same quarter last year. Equities research analysts expect that Kinetik Holdings Inc. will post 1.44 earnings per share for the current year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be issued a dividend of $0.78 per share. This is an increase from Kinetik's previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 6.53%. Kinetik's dividend payout ratio is presently 121.40%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Barclays boosted their target price on shares of Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, October 14th. Finally, Mizuho boosted their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.