Harbor Capital Advisors Inc. Purchases 174 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Harbor Capital Advisors Inc. raised its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 2.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 9,088 shares of the company’s stock after buying an additional 174 shares during the period. Harbor Capital Advisors Inc.’s holdings in Kinetik were worth $515,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Versor Investments LP purchased a new stake in shares of Kinetik during the third quarter worth about $543,000. Barclays PLC boosted its stake in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after purchasing an additional 60,058 shares during the period. Principal Financial Group Inc. purchased a new stake in Kinetik during the 3rd quarter valued at approximately $921,000. Eos Management L.P. raised its position in shares of Kinetik by 84.9% during the third quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock valued at $1,222,000 after buying an additional 12,400 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after buying an additional 13,644 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on KNTK. Mizuho raised their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company raised their price objective on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Royal Bank of Canada lifted their target price on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Citigroup increased their price target on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, The Goldman Sachs Group lifted their price objective on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $56.75.

Kinetik Price Performance

Shares of NASDAQ KNTK opened at $61.77 on Wednesday. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $62.55. The business’s 50 day moving average is $57.67 and its two-hundred day moving average is $49.34. The stock has a market capitalization of $9.73 billion, a P/E ratio of 22.79, a PEG ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last released 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 company had revenue of $396.40 million for the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $0.21 EPS. As a group, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.35 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.05%. The ex-dividend date of this dividend was Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. 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.