Dakota Wealth Management Acquires Shares of 19,689 Kinetik Holdings Inc. (NASDAQ:KNTK)

Dakota Wealth Management acquired a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 19,689 shares of the company’s stock, valued at approximately $891,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of KNTK. Commonwealth Equity Services LLC grew its holdings in shares of Kinetik by 3.8% in the first quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock valued at $1,526,000 after purchasing an additional 1,387 shares in the last quarter. Private Advisor Group LLC purchased a new position in shares of Kinetik in the first quarter valued at $359,000. Capstone Investment Advisors LLC purchased a new position in shares of Kinetik in the first quarter valued at $1,009,000. Kayne Anderson Capital Advisors LP grew its holdings in shares of Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock valued at $46,448,000 after purchasing an additional 1,109,308 shares in the last quarter. Finally, Quantbot Technologies LP grew its holdings in shares of Kinetik by 313.9% in the first quarter. Quantbot Technologies LP now owns 48,899 shares of the company’s stock valued at $1,950,000 after purchasing an additional 37,085 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Royal Bank of Canada raised their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Mizuho lifted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday. Scotiabank lifted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 2nd. Finally, Barclays lifted their price objective on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.71.

Kinetik Trading Down 3.8 %

NASDAQ:KNTK opened at $49.64 on Monday. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $51.97. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 2.38 and a beta of 2.91. The stock has a fifty day simple moving average of $46.26 and a 200-day simple moving average of $42.64.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping 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 the consensus estimate of $305.94 million. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, equities research analysts predict that Kinetik Holdings Inc. will post 1.44 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Monday, October 28th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 6.29%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is 127.87%.

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.