Creative Planning Has $1.18 Million Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Creative Planning grew its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 70.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 26,132 shares of the company’s stock after purchasing an additional 10,792 shares during the quarter. Creative Planning’s holdings in Kinetik were worth $1,183,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Beach Investment Counsel Inc. PA bought a new position in Kinetik in the second quarter valued at about $27,000. Ameritas Investment Partners Inc. boosted its stake in shares of Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after purchasing an additional 1,926 shares in the last quarter. Harbor Capital Advisors Inc. grew 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 valued at $159,000 after purchasing an additional 2,803 shares during the last quarter. CWM LLC increased its position in Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in Kinetik in the 2nd quarter valued at approximately $187,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on KNTK shares. Mizuho boosted their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Royal Bank of Canada raised their price objective on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays upped their target price on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Stock Down 0.7 %

Shares of NASDAQ:KNTK opened at $48.67 on Friday. The business has a fifty day simple moving average of $46.60 and a 200 day simple moving average of $42.82. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $51.97. The firm has a market cap of $7.67 billion, a P/E ratio of 18.94, a P/E/G ratio of 2.38 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its 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. 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 for the quarter, compared to analysts’ expectations of $305.94 million. During the same period in the prior year, the business posted $0.41 earnings per share. The firm’s revenue was up 21.4% on a year-over-year basis. As a group, equities research analysts expect that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Kinetik Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 6.41%. Kinetik’s dividend payout ratio is 121.40%.

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.