Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp boosted its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 73.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,527 shares of the company's stock after acquiring an additional 10,384 shares during the period. Van ECK Associates Corp's holdings in Kinetik were worth $1,110,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of KNTK. Beach Investment Counsel Inc. PA purchased a new stake in shares of Kinetik during the 2nd quarter valued at $27,000. Ameritas Investment Partners Inc. boosted its stake in Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock worth $145,000 after purchasing an additional 1,926 shares in the last quarter. Blue Trust Inc. grew its position in Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock worth $158,000 after purchasing an additional 2,699 shares during 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 valued at $159,000 after purchasing an additional 2,803 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company's stock worth $172,000 after buying an additional 3,615 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Trading Down 2.5 %

Shares of Kinetik stock traded down $1.44 during trading hours on Tuesday, reaching $56.08. The stock had a trading volume of 92,443 shares, compared to its average volume of 511,738. The firm has a market capitalization of $8.83 billion, a PE ratio of 21.23, a PEG ratio of 2.73 and a beta of 2.91. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $58.68. The stock's 50 day moving average is $48.04 and its 200 day moving average is $43.62.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted 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 48.41% and a net margin of 30.25%. The company 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 posted $0.21 earnings per share. The business's revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts predict that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were paid a $0.78 dividend. The ex-dividend date was Monday, October 28th. This is a positive change from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.56%. Kinetik's payout ratio is currently 115.13%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. Mizuho upped their price target on shares of Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Finally, Barclays lifted their price objective on Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a research note on Monday, October 14th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus 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.