Verition Fund Management LLC Has $642,000 Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Verition Fund Management LLC trimmed its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 34.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,180 shares of the company’s stock after selling 7,420 shares during the period. Verition Fund Management LLC’s holdings in Kinetik were worth $642,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. HITE Hedge Asset Management LLC acquired a new position in shares of Kinetik during the 2nd quarter worth about $13,550,000. Renaissance Technologies LLC grew its holdings in Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock valued at $26,271,000 after purchasing an additional 297,200 shares during the period. SIR Capital Management L.P. bought a new stake in Kinetik in the second quarter valued at approximately $11,537,000. Gilman Hill Asset Management LLC raised its holdings in Kinetik by 551.6% in the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock worth $11,067,000 after purchasing an additional 206,999 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Kinetik by 196.0% during the second quarter. Marshall Wace LLP now owns 302,892 shares of the company’s stock worth $12,552,000 after purchasing an additional 200,572 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Kinetik Price Performance

KNTK stock opened at $55.45 on Wednesday. The stock has a market capitalization of $8.74 billion, a P/E ratio of 20.46, a P/E/G ratio of 2.92 and a beta of 2.95. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $62.55. The business has a 50-day moving average of $53.61 and a 200-day moving average of $46.40.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share 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 firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same period last year, the company earned $0.21 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. Equities analysts expect that Kinetik Holdings Inc. will post 1.35 EPS for the current year.

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a $0.78 dividend. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.63%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s payout ratio is presently 115.13%.

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.