Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management Co. lessened its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 13.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,494 shares of the company’s stock after selling 1,880 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Kinetik were worth $518,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blackstone Inc. lifted its holdings in Kinetik by 13.8% during the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after buying an additional 1,442,653 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after acquiring an additional 1,134,570 shares in the last quarter. Westwood Holdings Group Inc. boosted its holdings in Kinetik by 148.3% in the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after purchasing an additional 1,402,751 shares during the period. Kayne Anderson Capital Advisors LP boosted its holdings in Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock valued at $46,448,000 after purchasing an additional 1,109,308 shares during the period. Finally, Yaupon Capital Management LP acquired a new position in Kinetik during the 1st quarter worth $30,867,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of Kinetik stock opened at $44.91 on Monday. The company’s fifty day moving average is $43.36 and its two-hundred day moving average is $41.17. Kinetik Holdings Inc. has a 1 year low of $31.31 and a 1 year high of $47.80. The company has a market capitalization of $6.90 billion, a P/E ratio of 18.41, a PEG ratio of 2.52 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last posted 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. The firm had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm’s revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 EPS. As a group, equities analysts expect that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 6.68%. The ex-dividend date was Monday, July 29th. Kinetik’s payout ratio is 122.95%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Royal Bank of Canada upped their target price on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Scotiabank boosted their price target on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Finally, Barclays restated an “equal weight” rating and issued a $43.00 price objective on shares of Kinetik in a report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

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.