HITE Hedge Asset Management LLC Invests $13.55 Million in Kinetik Holdings Inc. (NASDAQ:KNTK)

HITE Hedge Asset Management LLC purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 326,989 shares of the company’s stock, valued at approximately $13,550,000. Kinetik accounts for approximately 1.3% of HITE Hedge Asset Management LLC’s holdings, making the stock its 21st largest holding. HITE Hedge Asset Management LLC owned approximately 0.21% of Kinetik as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Beach Investment Counsel Inc. PA bought a new stake in shares of Kinetik during the 2nd quarter valued at $27,000. Ameritas Investment Partners Inc. lifted its position in Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after purchasing an additional 1,926 shares during the period. Harbor Capital Advisors Inc. grew its stake in Kinetik by 270.0% during the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after buying an additional 2,803 shares in the last quarter. Point72 DIFC Ltd bought a new position in Kinetik in the 2nd quarter valued at about $187,000. Finally, EntryPoint Capital LLC raised its position in shares of Kinetik by 109.8% in the 1st quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after buying an additional 2,464 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on KNTK. Royal Bank of Canada increased their price target on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Scotiabank raised their target price on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Finally, Barclays reissued an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a report on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.00.

Kinetik Stock Performance

Shares of NASDAQ:KNTK opened at $47.43 on Wednesday. Kinetik Holdings Inc. has a 52-week low of $31.31 and a 52-week high of $47.74. The company has a market capitalization of $7.47 billion, a PE ratio of 18.40, a price-to-earnings-growth ratio of 2.52 and a beta of 2.91. The company has a fifty day moving average of $43.27 and a 200-day moving average of $40.97.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same period last year, the firm posted $0.41 earnings per share. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, equities analysts forecast that Kinetik Holdings Inc. will post 1.39 EPS for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 6.33%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s payout ratio is 122.95%.

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.