State Street Corp Sells 1,109 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

State Street Corp lowered its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 0.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 838,680 shares of the company’s stock after selling 1,109 shares during the period. State Street Corp owned approximately 0.53% of Kinetik worth $37,959,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ashton Thomas Securities LLC bought a new position in shares of Kinetik in the 3rd quarter worth $46,000. CWM LLC grew its position in Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after acquiring an additional 3,615 shares during the last quarter. Blue Trust Inc. boosted its position in Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after buying an additional 2,699 shares during the period. Covestor Ltd raised its position in Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after purchasing an additional 4,137 shares during the last quarter. Finally, Stifel Financial Corp purchased a new stake in Kinetik in the third quarter worth $202,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KNTK has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday. Royal Bank of Canada upped their price objective on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Citigroup raised their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. 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. Finally, The Goldman Sachs Group boosted their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $57.76 on Friday. The business has a 50 day simple moving average of $54.73 and a two-hundred day simple moving average of $47.09. The firm has a market capitalization of $9.10 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55.

Kinetik (NASDAQ:KNTK) last released 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 analysts’ expectations of $331.21 million. During the same period last year, the firm earned $0.21 earnings per share. Kinetik’s quarterly revenue was up 20.0% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 5.40%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s dividend 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.