Harbor Capital Advisors Inc. Grows Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Harbor Capital Advisors Inc. lifted its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,088 shares of the company’s stock after purchasing an additional 174 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Kinetik were worth $515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after buying an additional 213 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Kinetik during the third quarter valued at approximately $46,000. Blue Trust Inc. raised its holdings in 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. Finally, Point72 DIFC Ltd purchased a new stake in Kinetik during the 2nd quarter valued at $187,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of KNTK stock opened at $61.77 on Wednesday. The company has a market cap of $9.73 billion, a price-to-earnings ratio of 22.79, a PEG ratio of 2.85 and a beta of 2.91. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55. The firm has a fifty day moving average price of $57.67 and a 200-day moving average price of $49.34.

Kinetik (NASDAQ:KNTK) last released its quarterly 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 net margin of 30.25% and a negative return on equity of 39.48%. The company had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. During the same period in the prior year, the firm posted $0.21 EPS. The business’s revenue for the quarter 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 year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 5.05%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. Kinetik’s dividend payout ratio is currently 115.13%.

Analysts Set New Price Targets

Several research firms have recently weighed in on KNTK. Royal Bank of Canada boosted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their price objective on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Citigroup raised their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Mizuho boosted their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group raised their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $56.75.

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.