The Manufacturers Life Insurance Company Decreases Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

The Manufacturers Life Insurance Company decreased its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 63.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,311 shares of the company's stock after selling 36,466 shares during the period. The Manufacturers Life Insurance Company's holdings in Kinetik were worth $965,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in KNTK. Renaissance Technologies LLC boosted its holdings in shares of Kinetik by 88.3% during the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company's stock valued at $26,271,000 after acquiring an additional 297,200 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Kinetik by 4.7% in the second quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company's stock worth $18,962,000 after purchasing an additional 20,644 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Kinetik by 70.3% in the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company's stock worth $18,927,000 after purchasing an additional 188,533 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Kinetik by 15.7% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 398,136 shares of the company's stock worth $18,020,000 after purchasing an additional 54,000 shares during the period. Finally, HITE Hedge Asset Management LLC purchased a new stake in Kinetik during the 2nd quarter valued at $13,550,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Stock Down 2.3 %

NASDAQ:KNTK traded down $1.34 during mid-day trading on Friday, hitting $56.81. 383,831 shares of the company traded hands, compared to its average volume of 514,725. The stock's fifty day moving average price is $54.01 and its 200-day moving average price is $46.55. The firm has a market cap of $8.95 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95. Kinetik Holdings Inc. has a one year low of $31.73 and a one year high of $62.55.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million during the quarter, compared to analysts' expectations of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company's revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.21 earnings per share. Equities analysts predict that Kinetik Holdings Inc. will post 1.35 EPS for the current year.

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, October 28th. This is a boost from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a yield of 5.49%. Kinetik's dividend payout ratio (DPR) is currently 115.13%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on KNTK. Barclays lifted their price objective on Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, October 14th. Royal Bank of Canada boosted their price target on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Finally, Mizuho increased their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an "outperform" rating in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.