Hsbc Holdings PLC Takes $210,000 Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Hsbc Holdings PLC bought a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,077 shares of the company’s stock, valued at approximately $210,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its holdings in shares of Kinetik by 367.6% in the first quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock valued at $2,219,000 after acquiring an additional 43,758 shares in the last quarter. Swiss National Bank increased its position in Kinetik by 39.5% during the 1st quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after purchasing an additional 20,000 shares during the period. Capstone Investment Advisors LLC purchased a new position in shares of Kinetik during the 1st quarter worth approximately $1,009,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Kinetik in the first quarter valued at approximately $755,000. Finally, Castleark Management LLC acquired a new position in Kinetik during the first quarter worth $689,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on KNTK. Barclays restated an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a research report on Wednesday, July 10th. Royal Bank of Canada raised their price target 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 objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 2nd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.43.

Kinetik Stock Up 1.7 %

KNTK stock opened at $48.46 on Friday. Kinetik Holdings Inc. has a 52 week low of $31.73 and a 52 week high of $48.49. The company has a market cap of $7.45 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 2.52 and a beta of 2.91. The business has a fifty day simple moving average of $43.72 and a 200-day simple moving average of $41.46.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) 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 company had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. During the same period in the previous year, the firm earned $0.41 earnings per share. Kinetik’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, analysts expect that Kinetik Holdings Inc. will post 1.39 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 6.19%. The ex-dividend date was Monday, July 29th. Kinetik’s dividend payout ratio is presently 122.95%.

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.