Creative Planning Has $1.18 Million Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Creative Planning boosted its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 70.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,132 shares of the company’s stock after buying an additional 10,792 shares during the quarter. Creative Planning’s holdings in Kinetik were worth $1,183,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Sei Investments Co. boosted its stake in shares of Kinetik by 367.6% during the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock worth $2,219,000 after acquiring an additional 43,758 shares during the period. Swiss National Bank boosted its position in Kinetik by 39.5% during the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after purchasing an additional 20,000 shares during the period. Capstone Investment Advisors LLC acquired a new position in shares of Kinetik in the first quarter valued at $1,009,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Kinetik in the first quarter valued at $755,000. Finally, Castleark Management LLC bought a new position in shares of Kinetik in the first quarter valued at about $689,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Barclays upped their price target on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Royal Bank of Canada boosted their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Mizuho increased their target price on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.71.

Kinetik Stock Down 0.7 %

NASDAQ KNTK opened at $48.67 on Friday. The firm has a 50-day moving average price of $46.60 and a two-hundred day moving average price of $42.82. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $51.97. The company has a market capitalization of $7.67 billion, a P/E ratio of 18.94, a P/E/G ratio of 2.38 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business had revenue of $359.50 million during the quarter, compared to analysts’ expectations of $305.94 million. During the same period in the previous year, the company posted $0.41 earnings per share. The firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. Equities analysts expect that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Monday, October 28th will be issued 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 6.41%. The ex-dividend date is Monday, October 28th. Kinetik’s dividend payout ratio is 121.40%.

Kinetik 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.