Kinetik Holdings Inc. (NASDAQ:KNTK) Stake Boosted by Arizona State Retirement System

Arizona State Retirement System increased its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 53.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,865 shares of the company’s stock after purchasing an additional 3,804 shares during the period. Arizona State Retirement System’s holdings in Kinetik were worth $450,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in KNTK. Beach Investment Counsel Inc. PA acquired a new stake in Kinetik in the second quarter worth $27,000. Ameritas Investment Partners Inc. increased its holdings in shares of 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 acquiring an additional 1,926 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after acquiring an additional 2,803 shares during the period. EntryPoint Capital LLC lifted its position in Kinetik by 109.8% in the 1st quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after purchasing an additional 2,464 shares during the last quarter. Finally, Essex Financial Services Inc. acquired a new position in Kinetik during the 2nd quarter valued at about $201,000. Institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Barclays restated an “equal weight” rating and issued a $43.00 price target on shares of Kinetik in a research note on Wednesday, July 10th. Royal Bank of Canada raised their target price on Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Finally, Scotiabank boosted their price target on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Kinetik Stock Performance

Shares of KNTK stock opened at $45.76 on Tuesday. Kinetik Holdings Inc. has a 1 year low of $31.31 and a 1 year high of $45.80. The business’s fifty day moving average is $42.73 and its 200-day moving average is $40.42. The stock has a market cap of $7.03 billion, a PE ratio of 18.72, a price-to-earnings-growth ratio of 2.31 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same period in the previous year, the company earned $0.41 earnings per share. Kinetik’s revenue was up 21.4% compared to the same quarter last year. Equities research analysts predict that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were issued a $0.75 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.56%. Kinetik’s payout ratio is currently 122.95%.

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.