HITE Hedge Asset Management LLC Purchases Shares of 326,989 Kinetik Holdings Inc. (NASDAQ:KNTK)

HITE Hedge Asset Management LLC acquired a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the second quarter, HoldingsChannel.com reports. The fund acquired 326,989 shares of the company’s stock, valued at approximately $13,550,000. Kinetik comprises 1.3% of HITE Hedge Asset Management LLC’s holdings, making the stock its 21st largest holding.

Other institutional investors have also added to or reduced their stakes in the company. Beach Investment Counsel Inc. PA bought a new position in Kinetik during the 2nd quarter worth approximately $27,000. Ameritas Investment Partners Inc. increased its position 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. Harbor Capital Advisors Inc. raised its stake in 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 last quarter. Point72 DIFC Ltd bought a new position in Kinetik during the second quarter worth $187,000. Finally, EntryPoint Capital LLC lifted its holdings in Kinetik by 109.8% in the first quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after buying an additional 2,464 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Kinetik Price Performance

Shares of Kinetik stock opened at $47.43 on Wednesday. The business has a 50-day simple moving average of $43.27 and a 200 day simple moving average of $40.97. The firm has a market capitalization of $7.47 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 2.52 and a beta of 2.91. Kinetik Holdings Inc. has a one year low of $31.31 and a one year high of $47.74.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. During the same quarter in the previous year, the company posted $0.41 earnings per share. The company’s quarterly revenue was up 21.4% on a year-over-year basis. On average, sell-side analysts expect that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.33%. The ex-dividend date was Monday, July 29th. Kinetik’s dividend payout ratio (DPR) is 122.95%.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of recent analyst reports. Barclays reiterated an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a report on Wednesday, July 10th. Royal Bank of Canada lifted their target price on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Finally, Scotiabank increased their price target on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.00.

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.