Versor Investments LP Buys New Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Versor Investments LP bought a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 12,000 shares of the company’s stock, valued at approximately $543,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Swiss National Bank increased its stake in shares of Kinetik by 39.5% in the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after purchasing an additional 20,000 shares during the period. Sei Investments Co. lifted its holdings in shares of Kinetik by 367.6% during the first quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock worth $2,219,000 after buying an additional 43,758 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Kinetik by 140.7% in the first quarter. Russell Investments Group Ltd. now owns 74,800 shares of the company’s stock valued at $2,982,000 after acquiring an additional 43,729 shares during the period. ProShare Advisors LLC acquired a new stake in shares of Kinetik in the first quarter worth $261,000. Finally, Vanguard Group Inc. increased its position in Kinetik by 52.0% during the first 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 during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

KNTK has been the topic of several research analyst reports. Barclays raised their price target on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Mizuho upped their price target on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Royal Bank of Canada lifted their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.71.

Kinetik Price Performance

Kinetik stock opened at $55.74 on Thursday. The firm has a market capitalization of $8.78 billion, a P/E ratio of 20.57, a P/E/G ratio of 2.61 and a beta of 2.91. The stock has a fifty day moving average price of $48.52 and a two-hundred day moving average price of $43.82. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $58.68.

Kinetik (NASDAQ:KNTK) last announced its 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 analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.21 EPS. On average, equities research analysts predict that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were issued a $0.78 dividend. This is an increase from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.60%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s payout ratio is presently 115.13%.

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.