Principal Financial Group Inc. Invests $921,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Principal Financial Group Inc. bought a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the third quarter, according to its most recent filing with the SEC. The firm bought 20,346 shares of the company’s stock, valued at approximately $921,000.

Other 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 third quarter valued at $46,000. Blue Trust Inc. raised its holdings in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after acquiring an additional 2,699 shares during the last quarter. CWM LLC lifted its position in Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after acquiring an additional 3,615 shares in the last quarter. Point72 DIFC Ltd acquired a new position in Kinetik during the 2nd quarter valued at about $187,000. Finally, Covestor Ltd increased its holdings in Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock worth $189,000 after purchasing an additional 4,137 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on KNTK. Wells Fargo & Company lifted their target price on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Barclays lifted their price objective on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Citigroup increased their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. The Goldman Sachs Group boosted their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada increased their price objective on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Kinetik Trading Up 1.3 %

NASDAQ:KNTK opened at $59.58 on Friday. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $62.55. The firm’s 50 day moving average is $56.35 and its 200 day moving average is $48.48. The stock has a market capitalization of $9.39 billion, a PE ratio of 21.99, a price-to-earnings-growth ratio of 2.85 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. During the same period in the prior year, the company earned $0.21 EPS. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. Research analysts predict 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 paid a $0.78 dividend. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 annualized dividend and a dividend yield of 5.24%. Kinetik’s dividend payout ratio (DPR) 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.