Commonwealth Equity Services LLC Buys 1,387 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Commonwealth Equity Services LLC lifted its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 3.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 38,264 shares of the company’s stock after acquiring an additional 1,387 shares during the period. Commonwealth Equity Services LLC’s holdings in Kinetik were worth $1,526,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Blackstone Inc. raised its position in Kinetik by 15.9% in the 4th quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock worth $349,715,000 after purchasing an additional 1,433,616 shares during the period. Westwood Holdings Group Inc. purchased a new position in Kinetik in the 4th quarter worth $31,589,000. Cohen & Steers Inc. raised its position in Kinetik by 97.5% in the 4th quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock worth $25,482,000 after purchasing an additional 376,732 shares during the period. Chickasaw Capital Management LLC raised its position in Kinetik by 217.0% in the 4th quarter. Chickasaw Capital Management LLC now owns 722,326 shares of the company’s stock worth $24,126,000 after purchasing an additional 494,453 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Kinetik by 200.9% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 338,373 shares of the company’s stock worth $13,491,000 after purchasing an additional 225,918 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

NASDAQ:KNTK opened at $42.30 on Friday. Kinetik Holdings Inc. has a one year low of $31.31 and a one year high of $43.17. The company’s 50-day simple moving average is $40.23 and its 200 day simple moving average is $37.01. The firm has a market capitalization of $6.50 billion, a P/E ratio of 17.54, a PEG ratio of 2.64 and a beta of 2.96.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.32). Kinetik had a negative return on equity of 48.03% and a net margin of 29.62%. The business had revenue of $341.39 million for the quarter, compared to the consensus estimate of $277.52 million. During the same period in the previous year, the firm earned ($0.06) EPS. The company’s revenue was up 21.5% on a year-over-year basis. On average, equities research analysts expect that Kinetik Holdings Inc. will post 1.15 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Monday, April 29th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 7.09%. The ex-dividend date was Friday, April 26th. Kinetik’s payout ratio is currently 122.95%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on KNTK. Barclays began coverage on shares of Kinetik in a research report on Monday, April 22nd. They issued an “equal weight” rating and a $40.00 price objective on the stock. Mizuho boosted their price objective on shares of Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Royal Bank of Canada began coverage on shares of Kinetik in a research report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Finally, Scotiabank boosted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $41.10.

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.