Principal Financial Group Inc. Makes New Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Principal Financial Group Inc. purchased a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,346 shares of the company’s stock, valued at approximately $921,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Beach Investment Counsel Inc. PA acquired a new position in Kinetik during the 2nd quarter worth $27,000. Blue Trust Inc. lifted its stake in shares of Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after acquiring an additional 2,699 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after acquiring an additional 2,803 shares during the last quarter. CWM LLC increased its position in Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in Kinetik during the 2nd quarter worth about $187,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Down 0.8 %

KNTK stock opened at $61.65 on Friday. The stock has a market cap of $9.71 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 2.88 and a beta of 2.91. The stock has a 50-day moving average price of $50.75 and a two-hundred day moving average price of $44.86. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). The firm had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.21 EPS. On average, analysts forecast that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a $0.78 dividend. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.06%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s payout ratio is presently 115.13%.

Analyst Ratings Changes

KNTK has been the topic of several recent research reports. 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 research note on Wednesday, October 16th. Mizuho lifted their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Barclays increased their price target on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and a consensus price target of $45.71.

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.