Verition Fund Management LLC Has $642,000 Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Verition Fund Management LLC lowered its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 34.4% during the third quarter, HoldingsChannel reports. The firm owned 14,180 shares of the company’s stock after selling 7,420 shares during the quarter. Verition Fund Management LLC’s holdings in Kinetik were worth $642,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Renaissance Technologies LLC grew its holdings in Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after purchasing an additional 297,200 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Kinetik by 4.7% in the second quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company’s stock valued at $18,962,000 after buying an additional 20,644 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Kinetik by 70.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock worth $18,927,000 after acquiring an additional 188,533 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Kinetik by 15.7% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 398,136 shares of the company’s stock worth $18,020,000 after acquiring an additional 54,000 shares during the last quarter. Finally, HITE Hedge Asset Management LLC bought a new stake in Kinetik in the 2nd quarter valued at $13,550,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Down 1.5 %

Shares of Kinetik stock opened at $55.45 on Wednesday. The stock has a market capitalization of $8.74 billion, a price-to-earnings ratio of 20.46, a price-to-earnings-growth ratio of 2.92 and a beta of 2.95. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $62.55. The company has a 50-day simple moving average of $53.61 and a two-hundred day simple moving average of $46.40.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The business had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.21 earnings per share. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.35 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. Stockholders of record on Monday, October 28th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.63%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. Kinetik’s dividend payout ratio is presently 115.13%.

Wall Street Analysts Forecast Growth

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

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.