Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp raised its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 73.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,527 shares of the company’s stock after acquiring an additional 10,384 shares during the quarter. Van ECK Associates Corp’s holdings in Kinetik were worth $1,110,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of KNTK. Blackstone Inc. lifted its stake in shares of Kinetik by 13.8% in the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after purchasing an additional 1,442,653 shares during the period. Westwood Holdings Group Inc. raised its position in shares of Kinetik by 148.3% in the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after acquiring an additional 1,402,751 shares during the period. Vanguard Group Inc. boosted its stake in shares of Kinetik by 52.0% during the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after acquiring an additional 1,134,570 shares in the last quarter. Yaupon Capital Management LP acquired a new stake in shares of Kinetik during the 1st quarter valued at about $30,867,000. Finally, HITE Hedge Asset Management LLC purchased a new position in shares of Kinetik in the 2nd quarter valued at about $13,550,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of NASDAQ KNTK opened at $57.54 on Tuesday. The stock’s 50-day simple moving average is $48.04 and its 200-day simple moving average is $43.62. The firm has a market capitalization of $9.06 billion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 2.73 and a beta of 2.91. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $58.68.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). The firm had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a negative return on equity of 48.41% and a net margin of 30.25%. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 EPS. On average, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a dividend of $0.78 per share. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.42%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s payout ratio is presently 115.13%.

Wall Street Analyst Weigh In

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

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.