Creative Planning Grows Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Creative Planning boosted its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 83.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,340 shares of the company’s stock after purchasing an additional 6,961 shares during the quarter. Creative Planning’s holdings in Kinetik were worth $636,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of KNTK. Virtu Financial LLC purchased a new position in shares of Kinetik during the 4th quarter worth approximately $223,000. Miller Howard Investments Inc. NY acquired a new position in shares of Kinetik in the first quarter worth $2,927,000. Commonwealth Equity Services LLC lifted its position in shares of Kinetik by 3.8% in the first quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock valued at $1,526,000 after acquiring an additional 1,387 shares in the last quarter. Private Advisor Group LLC acquired a new stake in shares of Kinetik during the first quarter valued at $359,000. Finally, Capstone Investment Advisors LLC purchased a new stake in Kinetik during the 1st quarter worth about $1,009,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Up 2.4 %

Shares of Kinetik stock opened at $49.69 on Monday. The stock has a market capitalization of $7.83 billion, a P/E ratio of 19.33, a PEG ratio of 2.60 and a beta of 2.91. The business’s fifty day moving average price is $44.46 and its 200 day moving average price is $41.89. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $49.70.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business had revenue of $359.50 million during the quarter, compared to analysts’ expectations of $305.94 million. During the same quarter in the previous year, the business earned $0.41 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, sell-side analysts predict that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders 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 6.04%. The ex-dividend date was Monday, July 29th. Kinetik’s dividend payout ratio is presently 116.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Barclays reaffirmed an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a research note on Wednesday, July 10th. Scotiabank lifted their target price on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 2nd. Finally, Royal Bank of Canada increased their price target on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.43.

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.