SL Advisors LLC Boosts Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

SL Advisors LLC increased its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 5.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,927 shares of the company’s stock after buying an additional 1,037 shares during the quarter. Kinetik comprises approximately 1.8% of SL Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. SL Advisors LLC’s holdings in Kinetik were worth $992,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in KNTK. Blackstone Inc. increased its stake in shares of Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after acquiring an additional 1,442,653 shares during the period. Westwood Holdings Group Inc. grew its position in Kinetik by 148.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after purchasing an additional 1,402,751 shares during the period. Vanguard Group Inc. raised its stake in shares of Kinetik by 52.0% during the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after buying an additional 1,134,570 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Kinetik by 1,992.8% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock valued at $46,448,000 after buying an additional 1,109,308 shares during the period. Finally, Yaupon Capital Management LP purchased a new stake in shares of Kinetik in the first quarter worth about $30,867,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Stock Performance

Kinetik stock opened at $48.14 on Wednesday. The company’s fifty day moving average price is $43.99 and its 200 day moving average price is $41.67. The stock has a market capitalization of $7.40 billion, a P/E ratio of 19.73, a P/E/G ratio of 2.52 and a beta of 2.91. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $48.69.

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

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.00 annualized dividend and a dividend yield of 6.23%. Kinetik’s dividend payout ratio (DPR) is presently 122.95%.

Analysts Set New Price Targets

Several brokerages recently weighed in on KNTK. Royal Bank of Canada boosted their price target on Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Barclays reiterated an “equal weight” rating and issued a $43.00 target price on shares of Kinetik in a research note on Wednesday, July 10th. Finally, Scotiabank raised their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $42.43.

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.