Quantbot Technologies LP Raises Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Quantbot Technologies LP increased its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 274.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,566 shares of the company’s stock after purchasing an additional 40,008 shares during the quarter. Quantbot Technologies LP’s holdings in Kinetik were worth $2,470,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Beach Investment Counsel Inc. PA purchased a new stake in Kinetik during the second quarter worth $27,000. Ashton Thomas Securities LLC purchased a new position in Kinetik during the 3rd quarter valued at about $46,000. SL Advisors LLC raised its position in Kinetik by 5.0% during the third quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock worth $992,000 after acquiring an additional 1,037 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Kinetik by 45.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,884 shares of the company’s stock valued at $285,000 after purchasing an additional 2,158 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Kinetik by 19.6% in the second quarter. Van ECK Associates Corp now owns 14,143 shares of the company’s stock valued at $586,000 after purchasing an additional 2,318 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

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

Kinetik Stock Down 0.8 %

KNTK stock opened at $58.66 on Friday. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 2.75 and a beta of 2.91. The stock’s fifty day simple moving average is $51.54 and its 200-day simple moving average is $45.28. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $62.55.

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

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid 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 5.32%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is currently 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.