Quest Partners LLC Grows Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Quest Partners LLC grew its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 159.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,460 shares of the company’s stock after acquiring an additional 7,046 shares during the period. Quest Partners LLC’s holdings in Kinetik were worth $475,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Beach Investment Counsel Inc. PA purchased a new stake in Kinetik during the 2nd quarter worth about $27,000. Ameritas Investment Partners Inc. increased its position 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 buying an additional 1,926 shares during the period. Harbor Capital Advisors Inc. boosted its position in shares of 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 acquiring an additional 2,803 shares during the period. EntryPoint Capital LLC grew its stake in Kinetik by 109.8% during the first quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after acquiring an additional 2,464 shares in the last quarter. Finally, Essex Financial Services Inc. bought a new stake in Kinetik during the 2nd quarter worth approximately $201,000. 21.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Royal Bank of Canada raised their price target on shares of Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Barclays reissued an “equal weight” rating and set a $43.00 price objective on shares of Kinetik in a research note on Wednesday, July 10th. Finally, Scotiabank upped their target price on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 2nd. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Kinetik Stock Up 0.2 %

KNTK opened at $43.47 on Friday. The business’s fifty day simple moving average is $42.68 and its 200 day simple moving average is $40.25. Kinetik Holdings Inc. has a 52 week low of $31.31 and a 52 week high of $45.60. The stock has a market cap of $6.68 billion, a PE ratio of 17.82, a P/E/G ratio of 2.35 and a beta of 2.91.

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

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 6.90%. The ex-dividend date was Monday, July 29th. Kinetik’s dividend payout ratio (DPR) is presently 122.95%.

About Kinetik

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.