Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 12.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 61,760 shares of the company's stock after selling 9,038 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC's holdings in Kinetik were worth $2,795,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HITE Hedge Asset Management LLC acquired a new stake in Kinetik in the second quarter valued at about $13,550,000. Renaissance Technologies LLC raised its stake in shares of Kinetik by 88.3% during the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company's stock worth $26,271,000 after buying an additional 297,200 shares in the last quarter. SIR Capital Management L.P. acquired a new stake in shares of Kinetik in the 2nd quarter valued at approximately $11,537,000. Gilman Hill Asset Management LLC boosted its stake in shares of Kinetik by 551.6% in the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company's stock valued at $11,067,000 after buying an additional 206,999 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in Kinetik by 196.0% during the second quarter. Marshall Wace LLP now owns 302,892 shares of the company's stock worth $12,552,000 after acquiring an additional 200,572 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Stock Performance

NASDAQ:KNTK traded down $1.34 during mid-day trading on Friday, hitting $56.81. 383,841 shares of the company's stock traded hands, compared to its average volume of 515,261. The company has a market cap of $8.95 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95. The firm's 50 day simple moving average is $54.18 and its 200 day simple moving average is $46.71. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $331.21 million. During the same period last year, the business earned $0.21 earnings per share. The company'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 disclosed a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were given a $0.78 dividend. This is an increase from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.49%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik's dividend payout ratio is currently 115.13%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Mizuho raised their target price on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Barclays boosted their price objective 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, Royal Bank of Canada increased their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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.