State Street Corp Decreases Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

State Street Corp reduced its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 0.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 838,680 shares of the company’s stock after selling 1,109 shares during the quarter. State Street Corp’s holdings in Kinetik were worth $37,959,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. HITE Hedge Asset Management LLC purchased a new stake in Kinetik during the 2nd quarter worth approximately $13,550,000. Renaissance Technologies LLC raised its holdings in shares of Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after purchasing an additional 297,200 shares during the last quarter. SIR Capital Management L.P. acquired a new stake in Kinetik during the 2nd quarter worth about $11,537,000. Merewether Investment Management LP boosted its stake in shares of Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after buying an additional 239,500 shares during the last quarter. Finally, Gilman Hill Asset Management LLC lifted its holdings in Kinetik by 551.6% in the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock valued at $11,067,000 after acquiring an additional 206,999 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Price Performance

NASDAQ KNTK opened at $57.76 on Friday. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $62.55. The firm’s 50-day moving average is $54.73 and its two-hundred day moving average is $47.09. The stock has a market capitalization of $9.10 billion, a P/E ratio of 21.31, a PEG ratio of 2.83 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). The business had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the company earned $0.21 earnings per share. As a group, analysts anticipate that Kinetik Holdings Inc. will post 1.35 EPS for the current year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a $0.78 dividend. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.40%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is currently 115.13%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Barclays boosted their target price on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Mizuho increased their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. The Goldman Sachs Group boosted their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company boosted their price target on Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Royal Bank of Canada increased their price objective on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.00.

About Kinetik

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.