Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 13.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 266,714 shares of the company’s stock after selling 40,087 shares during the quarter. Victory Capital Management Inc.’s holdings in Kinetik were worth $12,071,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Beach Investment Counsel Inc. PA acquired a new stake in shares of Kinetik during the second quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Kinetik during the third quarter worth about $46,000. Ameritas Investment Partners Inc. boosted its stake in shares of Kinetik by 112.8% during 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 period. Blue Trust Inc. boosted its stake in shares of Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after buying an additional 2,699 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its stake in shares of Kinetik by 270.0% during the second 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. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Ratings Changes

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

Kinetik Trading Up 0.7 %

Shares of Kinetik stock opened at $60.57 on Thursday. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $60.64. The stock has a market cap of $9.54 billion, a PE ratio of 22.35, a price-to-earnings-growth ratio of 2.68 and a beta of 2.91. The company has a 50-day moving average of $50.03 and a two-hundred day moving average of $44.54.

Kinetik (NASDAQ:KNTK) last issued 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). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. During the same period last year, the business posted $0.21 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. On average, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.15%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is 115.13%.

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.