Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 877,887 shares of the company’s stock after acquiring an additional 13,644 shares during the period. Geode Capital Management LLC owned about 0.56% of Kinetik worth $39,742,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Merewether Investment Management LP boosted its position in shares of Kinetik by 56.6% in the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares during the period. Renaissance Technologies LLC increased its holdings 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 acquiring an additional 297,200 shares during the period. Bank of New York Mellon Corp raised its position in Kinetik by 4.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company’s stock valued at $18,962,000 after purchasing an additional 20,644 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Kinetik by 70.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock worth $18,927,000 after purchasing an additional 188,533 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Kinetik by 15.7% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 398,136 shares of the company’s stock worth $18,020,000 after purchasing an additional 54,000 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of research reports. Barclays upped their target price on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Citigroup lifted their target price on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Mizuho upped their price target on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. The Goldman Sachs Group increased their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, 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 research note on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Kinetik Stock Up 0.6 %

NASDAQ:KNTK opened at $57.68 on Wednesday. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $62.55. The firm’s fifty day simple moving average is $55.22 and its 200-day simple moving average is $47.56. The stock has a market cap of $9.09 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). The company had revenue of $396.40 million for 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%. Kinetik’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 earnings per share. Equities analysts anticipate that Kinetik Holdings Inc. will post 1.35 earnings per share for the current year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were issued a $0.78 dividend. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 5.41%. Kinetik’s dividend payout ratio is 115.13%.

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.