Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 14.3% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,867 shares of the company’s stock after purchasing an additional 983 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Kinetik were worth $356,000 as of its most recent SEC filing.

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

Kinetik Price Performance

Shares of NASDAQ KNTK opened at $58.20 on Monday. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55. The company’s 50-day moving average is $53.19 and its 200 day moving average is $46.18. The stock has a market capitalization of $9.17 billion, a P/E ratio of 21.48, a P/E/G ratio of 2.65 and a beta of 2.95.

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 the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. During the same period in the prior year, the company posted $0.21 EPS. The firm’s revenue was up 20.0% on a year-over-year basis. Research analysts anticipate that Kinetik Holdings Inc. will post 1.35 earnings per share for the current year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.36%. The ex-dividend date was Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is 115.13%.

Wall Street Analysts Forecast Growth

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

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.