Charles Schwab Investment Management Inc. Boosts Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Charles Schwab Investment Management Inc. grew its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 3.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 307,929 shares of the company’s stock after buying an additional 9,882 shares during the period. Charles Schwab Investment Management Inc. owned 0.20% of Kinetik worth $13,937,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in KNTK. Versor Investments LP purchased a new stake in Kinetik during the 3rd quarter worth about $543,000. Principal Financial Group Inc. acquired a new stake in shares of Kinetik during the 3rd quarter worth about $921,000. Eos Management L.P. boosted its stake in shares of Kinetik by 84.9% during the 3rd quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock worth $1,222,000 after purchasing an additional 12,400 shares during the last quarter. Quest Partners LLC grew its holdings in shares of Kinetik by 261.7% during the third quarter. Quest Partners LLC now owns 41,448 shares of the company’s stock worth $1,876,000 after buying an additional 29,988 shares in the last quarter. Finally, Dakota Wealth Management acquired a new position in shares of Kinetik in the third quarter valued at approximately $891,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Mizuho raised their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Royal Bank of Canada raised their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays lifted their price objective on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Stock Down 1.0 %

Shares of NASDAQ KNTK opened at $58.20 on Monday. The stock has a market capitalization of $9.17 billion, a PE ratio of 21.48, a P/E/G ratio of 2.65 and a beta of 2.95. The firm has a fifty day moving average of $53.19 and a 200-day moving average of $46.18. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $62.55.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 earnings per share. Equities research analysts expect that Kinetik Holdings Inc. will post 1.35 EPS 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 given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.36%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. Kinetik’s payout ratio is 115.13%.

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.