Point72 Asset Management L.P. Boosts Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Point72 Asset Management L.P. lifted its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 30.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 352,558 shares of the company's stock after buying an additional 82,600 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.22% of Kinetik worth $15,957,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in Kinetik during the third quarter worth about $46,000. CWM LLC grew its holdings in shares of Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company's stock valued at $172,000 after purchasing an additional 3,615 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock valued at $158,000 after purchasing an additional 2,699 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock worth $159,000 after buying an additional 2,803 shares during the period. Finally, Covestor Ltd lifted its holdings in Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company's stock worth $189,000 after buying an additional 4,137 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

Shares of KNTK stock traded down $0.57 during mid-day trading on Friday, hitting $58.20. 455,368 shares of the stock were exchanged, compared to its average volume of 547,840. The stock has a market capitalization of $9.17 billion, a price-to-earnings ratio of 21.06, a P/E/G ratio of 2.65 and a beta of 2.95. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $62.55. The stock's fifty day simple moving average is $53.19 and its two-hundred day simple moving average is $46.11.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same quarter in the prior year, the company earned $0.21 EPS. The firm's revenue for the quarter was up 20.0% on a year-over-year basis. On average, research analysts expect that Kinetik Holdings Inc. will post 1.35 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 5.36%. The ex-dividend date was Monday, October 28th. This is a boost from Kinetik's previous quarterly dividend of $0.75. Kinetik's dividend payout ratio is 115.13%.

Analysts Set New Price Targets

KNTK has been the topic of a number of recent research reports. Barclays upped their price objective on Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Monday, October 14th. Royal Bank of Canada increased their price target on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Finally, Mizuho lifted their price objective on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $45.71.

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.