Renaissance Technologies LLC Purchases 297,200 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Renaissance Technologies LLC increased its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 88.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 633,962 shares of the company’s stock after buying an additional 297,200 shares during the period. Renaissance Technologies LLC owned 0.41% of Kinetik worth $26,271,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of KNTK. Swiss National Bank raised its stake in Kinetik by 26.2% during the fourth quarter. Swiss National Bank now owns 50,600 shares of the company’s stock worth $1,690,000 after buying an additional 10,500 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Kinetik by 35.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 165,755 shares of the company’s stock worth $5,536,000 after buying an additional 43,346 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Kinetik during the fourth quarter worth $739,000. WBI Investments LLC bought a new position in Kinetik during the fourth quarter worth $1,082,000. Finally, Eagle Global Advisors LLC acquired a new stake in Kinetik in the fourth quarter worth $4,032,000. Institutional investors own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

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

Kinetik Price Performance

Shares of NASDAQ KNTK opened at $46.32 on Friday. The stock has a market capitalization of $7.12 billion, a P/E ratio of 18.98, a P/E/G ratio of 2.31 and a beta of 2.91. The company has a 50-day moving average price of $42.95 and a 200-day moving average price of $40.61. Kinetik Holdings Inc. has a 1 year low of $31.31 and a 1 year high of $47.41.

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

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 6.48%. The ex-dividend date was Monday, July 29th. Kinetik’s dividend payout ratio (DPR) is presently 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.