Point72 Asset Management L.P. Acquires 85,748 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Point72 Asset Management L.P. lifted its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 46.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 269,958 shares of the company’s stock after purchasing an additional 85,748 shares during the period. Point72 Asset Management L.P. owned 0.18% of Kinetik worth $11,187,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in KNTK. Beach Investment Counsel Inc. PA acquired a new stake in Kinetik in the 2nd quarter worth approximately $27,000. Ameritas Investment Partners Inc. lifted its stake in shares of Kinetik by 112.8% in the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after buying an additional 1,926 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after buying an additional 2,803 shares during the period. Point72 DIFC Ltd acquired a new position in Kinetik in the 2nd quarter valued at $187,000. Finally, EntryPoint Capital LLC raised its holdings in Kinetik by 109.8% in the 1st quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock worth $188,000 after acquiring an additional 2,464 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Up 0.8 %

NASDAQ:KNTK opened at $45.26 on Tuesday. The firm has a 50-day moving average price of $43.36 and a 200 day moving average price of $41.23. The firm has a market capitalization of $6.95 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 2.52 and a beta of 2.91. Kinetik Holdings Inc. has a 12-month low of $31.31 and a 12-month high of $47.80.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.43 by $0.11. The business 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%. Kinetik’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 EPS. On average, research analysts expect that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 6.63%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is currently 122.95%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KNTK. Royal Bank of Canada upped 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. Scotiabank upped their price target on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Finally, Barclays restated 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.00.

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.