Healthcare of Ontario Pension Plan Trust Fund Makes New $1.89 Million Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 41,700 shares of the company’s stock, valued at approximately $1,887,000.

Several other institutional investors and hedge funds also recently modified their holdings of KNTK. Ashton Thomas Securities LLC bought a new position in Kinetik in the third quarter valued at $46,000. CWM LLC boosted its stake in shares of Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after buying an additional 3,615 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after acquiring an additional 2,699 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after acquiring an additional 2,803 shares during the last quarter. Finally, Covestor Ltd raised its holdings in Kinetik by 13,790.0% during the third quarter. Covestor Ltd now owns 4,167 shares of the company’s stock worth $189,000 after acquiring an additional 4,137 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on KNTK shares. Royal Bank of Canada raised their price target on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. 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. Finally, Barclays upped their price target on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Trading Up 0.6 %

KNTK opened at $59.02 on Monday. The stock’s fifty day simple moving average is $52.05 and its 200 day simple moving average is $45.54. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $62.55. The stock has a market cap of $9.30 billion, a PE ratio of 21.78, a price-to-earnings-growth ratio of 2.74 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data 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 during 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%. Kinetik’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.21 earnings per share. Equities analysts forecast that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a dividend of $0.78 per share. The ex-dividend date was Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.29%. 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.