Intech Investment Management LLC Invests $558,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Intech Investment Management LLC bought a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 12,336 shares of the company’s stock, valued at approximately $558,000.

Other large investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Kinetik in the 3rd quarter valued at approximately $46,000. Blue Trust Inc. raised its holdings in Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after purchasing an additional 2,699 shares during the period. Harbor Capital Advisors Inc. grew its stake in Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after acquiring an additional 2,803 shares during the period. CWM LLC raised its position in shares of Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Kinetik in the second quarter worth approximately $187,000. 21.11% of the stock is currently owned by institutional investors.

Kinetik Trading Up 0.6 %

KNTK stock opened at $59.02 on Monday. The company’s 50 day moving average is $52.05 and its two-hundred day moving average is $45.54. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $62.55. The stock has a market cap of $9.30 billion, a P/E ratio of 21.78, a PEG ratio of 2.74 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its 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). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. During the same quarter last year, the business posted $0.21 earnings per share. The business’s revenue was up 20.0% on a year-over-year basis. On average, equities research analysts predict that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a dividend of $0.78 per share. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.29%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is presently 115.13%.

Analyst Upgrades and Downgrades

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

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.