Janney Montgomery Scott LLC Purchases 54,370 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Janney Montgomery Scott LLC raised its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 69.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 132,977 shares of the company’s stock after purchasing an additional 54,370 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Kinetik were worth $7,541,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in Kinetik by 70.3% during the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock valued at $18,927,000 after buying an additional 188,533 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Kinetik during the 2nd quarter valued at $210,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Kinetik in the 2nd quarter worth $1,699,000. The Manufacturers Life Insurance Company raised its holdings in Kinetik by 20.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 57,777 shares of the company’s stock worth $2,394,000 after purchasing an additional 9,860 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in Kinetik by 60.1% in the 2nd quarter. Mackenzie Financial Corp now owns 73,918 shares of the company’s stock worth $3,063,000 after purchasing an additional 27,737 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

KNTK has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada lifted their target price 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. JPMorgan Chase & Co. increased their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Citigroup boosted their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, Mizuho increased their target price on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.25.

Kinetik Trading Up 3.6 %

NASDAQ:KNTK opened at $63.45 on Wednesday. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $67.60. The company has a market cap of $10.00 billion, a P/E ratio of 23.41, a P/E/G ratio of 1.80 and a beta of 2.91. The company’s 50-day moving average price is $59.43 and its 200-day moving average price is $51.05.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. On average, analysts expect that Kinetik Holdings Inc. will post 1.35 earnings per share for the current year.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd will be paid a $0.78 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.92%. Kinetik’s payout ratio is presently 115.13%.

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.