69,647 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Bought by Acadian Asset Management LLC

Acadian Asset Management LLC purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 69,647 shares of the company’s stock, valued at approximately $2,884,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sei Investments Co. lifted its stake in Kinetik by 367.6% in the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock valued at $2,219,000 after purchasing an additional 43,758 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Kinetik during the 4th quarter worth approximately $739,000. Swiss National Bank increased its holdings in shares of Kinetik by 39.5% during the 1st quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after acquiring an additional 20,000 shares during the last quarter. Monashee Investment Management LLC bought a new stake in Kinetik in the 4th quarter valued at $2,168,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Kinetik during the 1st quarter valued at $1,009,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 2.5 %

NASDAQ KNTK opened at $44.62 on Friday. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 2.31 and a beta of 2.91. Kinetik Holdings Inc. has a 1-year low of $31.31 and a 1-year high of $45.60. The company has a 50 day moving average of $42.73 and a 200-day moving average of $40.32.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue was up 21.4% compared to the same quarter last year. On average, equities research analysts forecast that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 6.72%. The ex-dividend date was Monday, July 29th. Kinetik’s dividend payout ratio is currently 122.95%.

Wall Street Analysts Forecast Growth

KNTK has been the topic of several research analyst reports. Scotiabank increased their price objective 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. Royal Bank of Canada raised their price objective on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $43.00 target price on shares of Kinetik in a research report on Wednesday, July 10th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus 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.