Principal Financial Group Inc. Acquires New Shares in Kinetik Holdings Inc. (NASDAQ:KNTK)

Principal Financial Group Inc. acquired a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,346 shares of the company’s stock, valued at approximately $921,000.

Several other large investors have also added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new stake in shares of Kinetik in the third quarter worth about $46,000. Blue Trust Inc. increased its holdings in Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after acquiring an additional 2,699 shares during the period. CWM LLC increased its holdings in 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 acquiring an additional 3,615 shares during the period. Point72 DIFC Ltd purchased a new stake in Kinetik in the 2nd quarter worth approximately $187,000. Finally, Covestor Ltd boosted its holdings in Kinetik by 13,790.0% in the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after purchasing an additional 4,137 shares during the period. Institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Barclays increased their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. The Goldman Sachs Group raised their price target on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Mizuho upped their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Citigroup lifted their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, Wells Fargo & Company boosted their price target on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Kinetik Stock Up 1.3 %

Shares of KNTK opened at $59.58 on Friday. The stock has a market capitalization of $9.39 billion, a P/E ratio of 21.99, a PEG ratio of 2.85 and a beta of 2.95. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $62.55. The firm has a fifty day simple moving average of $56.35 and a two-hundred day simple moving average of $48.48.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). The business had revenue of $396.40 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. Sell-side analysts expect that Kinetik Holdings Inc. will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were issued a dividend of $0.78 per share. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.24%. Kinetik’s dividend payout ratio is 115.13%.

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.