Raymond James & Associates Acquires 46,157 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Raymond James & Associates grew its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 74.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 108,334 shares of the company's stock after purchasing an additional 46,157 shares during the period. Raymond James & Associates owned approximately 0.07% of Kinetik worth $4,903,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of KNTK. Beach Investment Counsel Inc. PA bought a new position in shares of Kinetik in the 2nd quarter valued at $27,000. Ameritas Investment Partners Inc. boosted its holdings in shares of Kinetik by 112.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock valued at $145,000 after acquiring an additional 1,926 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Kinetik by 244.9% during 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 holdings 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 in the last quarter. Finally, CWM LLC boosted its holdings in shares of Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company's stock valued at $172,000 after acquiring an additional 3,615 shares in the last quarter. Institutional investors own 21.11% of the company's stock.

Kinetik Stock Down 1.9 %

KNTK traded down $0.91 during midday trading on Friday, hitting $47.76. 245,676 shares of the company were exchanged, compared to its average volume of 448,410. The firm has a market capitalization of $7.52 billion, a P/E ratio of 18.94, a P/E/G ratio of 2.29 and a beta of 2.91. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $51.97. The firm's 50 day moving average price is $46.81 and its 200-day moving average price is $42.93.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced 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 firm had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business's quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 EPS. On average, sell-side analysts predict that Kinetik Holdings Inc. will post 1.44 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Monday, October 28th will be given a $0.78 dividend. The ex-dividend date is Monday, October 28th. This is a positive change from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 6.53%. Kinetik's dividend payout ratio (DPR) is 121.40%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on KNTK. Royal Bank of Canada raised their price objective on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Mizuho raised their price objective on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Finally, Barclays raised their price objective on Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $45.71.

Kinetik 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.