Stifel Financial Corp Takes Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Stifel Financial Corp acquired a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,456 shares of the company’s stock, valued at approximately $202,000.

Several other large investors have also recently modified their holdings of KNTK. Merewether Investment Management LP grew its holdings in 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 purchasing an additional 239,500 shares during the last quarter. Renaissance Technologies LLC grew its stake in Kinetik by 88.3% during the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after buying an additional 297,200 shares during the last quarter. Bank of New York Mellon Corp increased its position in Kinetik by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company’s stock valued at $18,962,000 after buying an additional 20,644 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Kinetik by 70.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock valued at $18,927,000 after buying an additional 188,533 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik by 15.7% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 398,136 shares of the company’s stock valued at $18,020,000 after buying an additional 54,000 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Barclays upped their price objective on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Wells Fargo & Company upped their price target on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group lifted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada upped their target price on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Citigroup lifted their price target on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. 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 currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Kinetik Price Performance

Shares of Kinetik stock opened at $56.60 on Tuesday. The stock has a market cap of $8.92 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 2.85 and a beta of 2.95. The firm has a fifty day moving average price of $55.64 and a 200 day moving average price of $47.91. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55.

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

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were paid a $0.78 dividend. This is a boost from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.51%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s payout ratio is currently 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.