Quest Partners LLC Purchases 29,988 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Quest Partners LLC boosted its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 261.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,448 shares of the company’s stock after purchasing an additional 29,988 shares during the period. Quest Partners LLC’s holdings in Kinetik were worth $1,876,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Beach Investment Counsel Inc. PA acquired a new position in shares of Kinetik in the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new stake in Kinetik during the 3rd quarter worth approximately $46,000. SL Advisors LLC increased its position in Kinetik by 5.0% in the 3rd quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock valued at $992,000 after acquiring an additional 1,037 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after acquiring an additional 1,926 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Kinetik by 45.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,884 shares of the company’s stock worth $285,000 after purchasing an additional 2,158 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Kinetik Stock Performance

Shares of KNTK opened at $59.26 on Tuesday. The firm has a market cap of $9.33 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 2.68 and a beta of 2.91. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $59.33. The business’s 50 day moving average price is $49.36 and its two-hundred day moving average price is $44.27.

Kinetik (NASDAQ:KNTK) last released 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). 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%. The firm’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 EPS. Research analysts predict that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. 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.