Healthcare of Ontario Pension Plan Trust Fund Purchases New Shares in Kinetik Holdings Inc. (NASDAQ:KNTK)

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 41,700 shares of the company’s stock, valued at approximately $1,887,000.

Other institutional investors have also recently bought and sold shares of the company. Quantbot Technologies LP raised its position in shares of Kinetik by 274.8% in the third quarter. Quantbot Technologies LP now owns 54,566 shares of the company’s stock valued at $2,470,000 after buying an additional 40,008 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Kinetik by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 307,929 shares of the company’s stock worth $13,937,000 after acquiring an additional 9,882 shares during the period. Intech Investment Management LLC bought a new position in Kinetik during the 3rd quarter worth $558,000. Advisors Asset Management Inc. raised its holdings in Kinetik by 26.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 318,938 shares of the company’s stock valued at $14,435,000 after acquiring an additional 66,329 shares in the last quarter. Finally, Quest Partners LLC lifted its position in shares of Kinetik by 261.7% during the 3rd quarter. Quest Partners LLC now owns 41,448 shares of the company’s stock valued at $1,876,000 after acquiring an additional 29,988 shares during the period. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

KNTK stock opened at $59.02 on Monday. The stock has a market cap of $9.30 billion, a price-to-earnings ratio of 21.78, a P/E/G ratio of 2.74 and a beta of 2.91. The company has a 50 day simple moving average of $52.05 and a 200 day simple moving average of $45.54. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same quarter last year, the company posted $0.21 earnings per share. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. On average, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

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

Wall Street Analysts Forecast Growth

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

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.