Principal Financial Group Inc. Takes Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Principal Financial Group Inc. purchased a new position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 20,346 shares of the company's stock, valued at approximately $921,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock worth $39,742,000 after purchasing an additional 13,644 shares during the period. Barclays PLC grew its position in shares of Kinetik by 34.5% during the third quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after buying an additional 60,058 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Kinetik by 9.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 29,628 shares of the company's stock worth $1,341,000 after acquiring an additional 2,633 shares in the last quarter. Stifel Financial Corp acquired a new stake in Kinetik during the third quarter valued at approximately $202,000. Finally, Point72 Asset Management L.P. lifted its stake in Kinetik by 30.6% during the third quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company's stock worth $15,957,000 after purchasing an additional 82,600 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on KNTK. Barclays raised 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. Mizuho boosted their price objective on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Wells Fargo & Company increased their target price on Kinetik from $58.00 to $60.00 and gave the stock an "equal weight" rating in a research report on Wednesday, December 18th. Citigroup boosted their price target on shares of Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Finally, The Goldman Sachs Group lifted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $53.00.

Kinetik Stock Performance

Shares of KNTK stock traded up $0.76 during mid-day trading on Friday, hitting $59.58. 861,563 shares of the stock traded hands, compared to its average volume of 601,531. The firm has a market cap of $9.39 billion, a price-to-earnings ratio of 21.99, a price-to-earnings-growth ratio of 2.85 and a beta of 2.95. The company's 50-day simple moving average is $56.35 and its 200-day simple moving average is $48.54. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $62.55.

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). The business had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik's revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.21 earnings per share. Analysts forecast that Kinetik Holdings Inc. will post 1.35 earnings per share for the current year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.24%. This is a boost from Kinetik's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. Kinetik's payout ratio is presently 115.13%.

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.