Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC raised its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 72.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 509 shares of the company’s stock after purchasing an additional 213 shares during the period. GAMMA Investing LLC’s holdings in Kinetik were worth $29,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of Kinetik by 53.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock valued at $7,145,000 after purchasing an additional 55,050 shares during the last quarter. Principal Financial Group Inc. purchased a new position in Kinetik in the third quarter valued at $921,000. Geode Capital Management LLC raised its stake in Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after buying an additional 13,644 shares in the last quarter. Barclays PLC lifted its holdings in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after buying an additional 60,058 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its holdings in Kinetik by 9.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 29,628 shares of the company’s stock worth $1,341,000 after buying an additional 2,633 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 1.9 %

Shares of KNTK stock opened at $61.77 on Wednesday. The company has a market cap of $9.73 billion, a PE ratio of 22.79, a P/E/G ratio of 2.85 and a beta of 2.91. The company’s fifty day simple moving average is $57.67 and its 200-day simple moving average is $49.34. Kinetik Holdings Inc. has a 52 week low of $31.73 and a 52 week high of $62.55.

Kinetik (NASDAQ:KNTK) last posted its 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 firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.21 earnings per share. Equities research analysts expect that Kinetik Holdings Inc. will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently declared 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 is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.05%. The ex-dividend date was Monday, October 28th. Kinetik’s dividend payout ratio is currently 115.13%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Royal Bank of Canada increased their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group raised their price objective on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their target price on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Barclays upped their target price on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Scotiabank initiated coverage on Kinetik in a research report on Friday, January 10th. They set a “sector outperform” rating and a $64.00 price target on the stock. Three 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 stock presently has an average rating of “Moderate Buy” and a consensus 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.