Versor Investments LP Invests $543,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Versor Investments LP acquired a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,000 shares of the company's stock, valued at approximately $543,000.

A number of other institutional investors have also added to or reduced their stakes in KNTK. Beach Investment Counsel Inc. PA purchased a new position in shares of Kinetik in the 2nd quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Kinetik in the 3rd quarter valued at approximately $46,000. Ameritas Investment Partners Inc. raised its stake in Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock valued at $145,000 after buying an additional 1,926 shares during the last quarter. Blue Trust Inc. raised its stake in Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock valued at $158,000 after buying an additional 2,699 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in Kinetik by 270.0% during the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock valued at $159,000 after buying an additional 2,803 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Royal Bank of Canada lifted their price objective on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Barclays boosted their price target on Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a research note on Monday, October 14th. Finally, Mizuho boosted their price target on Kinetik from $47.00 to $55.00 and gave the stock 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 issued a buy rating to the company. Based on data from MarketBeat.com, Kinetik presently has a consensus rating of "Moderate Buy" and an average target price of $45.71.

Kinetik Price Performance

Shares of KNTK stock traded up $1.35 during trading on Thursday, hitting $57.06. 515,068 shares of the stock traded hands, compared to its average volume of 513,658. The firm has a market capitalization of $8.99 billion, a P/E ratio of 21.06, a price-to-earnings-growth ratio of 2.61 and a beta of 2.91. The firm's fifty day moving average price is $48.78 and its 200-day moving average price is $43.91. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $58.68.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million for the quarter, compared to analysts' expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm's quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 EPS. As a group, equities research analysts expect that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a $0.78 dividend. This is a positive change from Kinetik's previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.47%. 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.