SIR Capital Management L.P. Invests $11.54 Million in Kinetik Holdings Inc. (NASDAQ:KNTK)

SIR Capital Management L.P. purchased a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 278,400 shares of the company’s stock, valued at approximately $11,537,000. SIR Capital Management L.P. owned approximately 0.18% of Kinetik at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Beach Investment Counsel Inc. PA purchased a new stake in Kinetik in the second quarter valued at approximately $27,000. Ameritas Investment Partners Inc. raised its stake in Kinetik by 112.8% in the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after purchasing an additional 1,926 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after purchasing an additional 2,803 shares in the last quarter. EntryPoint Capital LLC raised its stake in Kinetik by 109.8% in the first quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after purchasing an additional 2,464 shares in the last quarter. Finally, Essex Financial Services Inc. purchased a new stake in Kinetik in the second quarter valued at approximately $201,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Performance

Shares of Kinetik stock opened at $43.58 on Tuesday. Kinetik Holdings Inc. has a 52-week low of $31.31 and a 52-week high of $45.60. The stock has a market capitalization of $6.86 billion, a price-to-earnings ratio of 17.86, a P/E/G ratio of 2.35 and a beta of 2.91. The company’s 50 day moving average price is $42.64 and its 200-day moving average price is $40.13.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The firm had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $305.94 million. During the same quarter last year, the business earned $0.41 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis. As a group, equities research analysts forecast that Kinetik Holdings Inc. will post 1.39 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 6.88%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is 122.95%.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of recent analyst reports. Barclays reaffirmed an “equal weight” rating and issued a $43.00 target price on shares of Kinetik in a research note on Wednesday, July 10th. Royal Bank of Canada increased their price target on shares of Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Scotiabank increased their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Finally, Wells Fargo & Company increased their price target on shares of Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 14th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.00.

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.