Kinetik Holdings Inc. (NASDAQ:KNTK) Stock Position Raised by Arizona State Retirement System

Arizona State Retirement System lifted its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 53.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,865 shares of the company’s stock after purchasing an additional 3,804 shares during the period. Arizona State Retirement System’s holdings in Kinetik were worth $450,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of KNTK. Rhumbline Advisers increased its stake in Kinetik by 17.6% in the 2nd quarter. Rhumbline Advisers now owns 60,529 shares of the company’s stock worth $2,508,000 after purchasing an additional 9,044 shares in the last quarter. Essex Financial Services Inc. purchased a new position in shares of Kinetik in the second quarter worth approximately $201,000. Van ECK Associates Corp raised its holdings in shares of Kinetik by 19.6% during the second quarter. Van ECK Associates Corp now owns 14,143 shares of the company’s stock valued at $586,000 after acquiring an additional 2,318 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Kinetik by 10.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 42,405 shares of the company’s stock valued at $1,757,000 after acquiring an additional 4,141 shares in the last quarter. Finally, WBI Investments LLC boosted its stake in Kinetik by 151.6% in the 2nd quarter. WBI Investments LLC now owns 55,464 shares of the company’s stock worth $2,298,000 after purchasing an additional 33,420 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Kinetik Trading Up 2.5 %

KNTK opened at $45.76 on Tuesday. Kinetik Holdings Inc. has a 1 year low of $31.31 and a 1 year high of $45.80. The stock has a fifty day moving average price of $42.73 and a 200 day moving average price of $40.42. The stock has a market cap of $7.03 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 2.31 and a beta of 2.91.

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

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were paid a dividend of $0.75 per share. The ex-dividend date was Monday, July 29th. This represents a $3.00 annualized dividend and a dividend yield of 6.56%. Kinetik’s dividend payout ratio (DPR) is 122.95%.

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.