Walleye Capital LLC Purchases 27,166 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Walleye Capital LLC increased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 60.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,847 shares of the company's stock after buying an additional 27,166 shares during the quarter. Walleye Capital LLC's holdings in Kinetik were worth $3,252,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC raised its stake in 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 acquiring an additional 297,200 shares during the period. Bank of New York Mellon Corp raised its position in shares of Kinetik by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company's stock valued at $18,962,000 after buying an additional 20,644 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Kinetik by 70.3% during the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company's stock valued at $18,927,000 after buying an additional 188,533 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Kinetik by 15.7% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 398,136 shares of the company's stock valued at $18,020,000 after buying an additional 54,000 shares during the last quarter. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of Kinetik during the second quarter valued at approximately $13,550,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on KNTK. Barclays lifted their price objective on shares of Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a research report on Monday, October 14th. Royal Bank of Canada raised 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. Finally, Mizuho raised their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a report 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's stock. According to data from MarketBeat, Kinetik presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.71.

Kinetik Stock Performance

NASDAQ KNTK traded up $0.23 on Tuesday, hitting $57.41. 235,209 shares of the stock were exchanged, compared to its average volume of 514,509. The stock has a fifty day moving average price of $52.25 and a two-hundred day moving average price of $45.70. The firm has a market capitalization of $9.04 billion, a P/E ratio of 21.10, a P/E/G ratio of 2.65 and a beta of 2.95. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $62.55.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings data 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 negative return on equity of 39.48% and a net margin of 30.25%. 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 earned $0.21 earnings per share. Sell-side analysts expect that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 5.43%. This is a positive change 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%.

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.