The Manufacturers Life Insurance Company Sells 36,466 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

The Manufacturers Life Insurance Company lowered its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 63.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,311 shares of the company’s stock after selling 36,466 shares during the period. The Manufacturers Life Insurance Company’s holdings in Kinetik were worth $965,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in Kinetik in the third quarter valued at $46,000. CWM LLC lifted its stake in Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after acquiring an additional 3,615 shares during the last quarter. Blue Trust Inc. lifted its stake in Kinetik by 244.9% in 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 last quarter. Covestor Ltd lifted its stake in Kinetik by 13,790.0% in the third quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after acquiring an additional 4,137 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in Kinetik in the second quarter valued at $187,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Barclays raised their target price on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. 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 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 research note on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Stock Up 3.2 %

NASDAQ KNTK opened at $58.15 on Friday. The company has a market capitalization of $9.16 billion, a P/E ratio of 21.46, a P/E/G ratio of 2.92 and a beta of 2.95. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $62.55. The firm has a 50-day moving average price of $54.01 and a two-hundred day moving average price of $46.55.

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

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were given a $0.78 dividend. The ex-dividend date was Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.37%. Kinetik’s payout ratio is presently 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.