Intech Investment Management LLC Purchases New Shares in Kinetik Holdings Inc. (NASDAQ:KNTK)

Intech Investment Management LLC purchased a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,336 shares of the company’s stock, valued at approximately $558,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KNTK. Ashton Thomas Securities LLC bought a new position in Kinetik during the third quarter worth about $46,000. SL Advisors LLC boosted its position in Kinetik by 5.0% during the third quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock valued at $992,000 after buying an additional 1,037 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Kinetik by 45.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,884 shares of the company’s stock worth $285,000 after purchasing an additional 2,158 shares during the period. Van ECK Associates Corp grew its holdings in Kinetik by 19.6% in the 2nd quarter. Van ECK Associates Corp now owns 14,143 shares of the company’s stock worth $586,000 after acquiring an additional 2,318 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Kinetik by 71.9% during the 3rd quarter. SG Americas Securities LLC now owns 5,678 shares of the company’s stock valued at $257,000 after purchasing an additional 2,375 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on KNTK shares. Barclays boosted their price target on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Mizuho increased their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada raised their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.71.

Kinetik Trading Up 0.6 %

Shares of KNTK stock opened at $59.02 on Monday. The stock’s 50-day moving average price is $52.05 and its 200-day moving average price is $45.54. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $62.55. The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of 21.78, a price-to-earnings-growth ratio of 2.74 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. During the same period in the previous year, the business earned $0.21 earnings per share. Kinetik’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, research analysts predict that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.29%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is presently 115.13%.

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.