JPMorgan Chase & Co. Has $7.15 Million Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

JPMorgan Chase & Co. grew its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 53.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,858 shares of the company’s stock after acquiring an additional 55,050 shares during the quarter. JPMorgan Chase & Co. owned 0.10% of Kinetik worth $7,145,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Rhumbline Advisers grew its holdings in shares of Kinetik by 17.6% during the 2nd quarter. Rhumbline Advisers now owns 60,529 shares of the company’s stock worth $2,508,000 after purchasing an additional 9,044 shares in the last quarter. Arizona State Retirement System lifted its position in Kinetik by 53.9% in the second quarter. Arizona State Retirement System now owns 10,865 shares of the company’s stock worth $450,000 after purchasing an additional 3,804 shares during the period. Federated Hermes Inc. acquired a new stake in Kinetik during the second quarter worth $3,467,000. Dimensional Fund Advisors LP increased its holdings in Kinetik by 70.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock valued at $18,927,000 after buying an additional 188,533 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Kinetik by 88.3% in the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock valued at $26,271,000 after buying an additional 297,200 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Stock Performance

Shares of KNTK stock opened at $61.77 on Wednesday. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $62.55. The stock 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. The firm’s 50-day moving average is $57.67 and its 200-day moving average is $49.34.

Kinetik (NASDAQ:KNTK) last announced 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). The company had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company posted $0.21 EPS. Sell-side analysts predict that Kinetik Holdings Inc. will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.05%. 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 currently 115.13%.

Analyst Ratings Changes

A number of research analysts have commented on KNTK shares. Citigroup raised their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Scotiabank assumed coverage on Kinetik in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $64.00 price target on the stock. Mizuho increased their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Barclays boosted their target price on shares of Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Royal Bank of Canada increased their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus target price 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.