Kinetik Holdings Inc. (NASDAQ:KNTK) Stake Reduced by Bartlett & CO. Wealth Management LLC

Bartlett & CO. Wealth Management LLC trimmed its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 48.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 675 shares of the company’s stock after selling 625 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in Kinetik were worth $38,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. increased its holdings in shares of Kinetik by 2.0% in the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock worth $515,000 after acquiring an additional 174 shares during the period. GAMMA Investing LLC raised its holdings in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after buying an additional 213 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Kinetik by 14.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company’s stock worth $356,000 after buying an additional 983 shares during the period. Ashton Thomas Securities LLC bought a new position in Kinetik in the 3rd quarter worth approximately $46,000. Finally, SL Advisors LLC increased its position in Kinetik by 5.0% in the 3rd quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock valued at $992,000 after acquiring an additional 1,037 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

KNTK stock opened at $66.35 on Friday. The firm has a market cap of $10.45 billion, a PE ratio of 24.48, a P/E/G ratio of 1.80 and a beta of 2.91. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $67.60. The firm has a 50 day simple moving average of $59.32 and a 200 day simple moving average of $50.71.

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 the consensus estimate of $0.45 by ($0.10). The company had revenue of $396.40 million for 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 business’s revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.21 earnings per share. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.35 earnings per share for the current year.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Monday, February 3rd will be paid a $0.78 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a yield of 4.70%. Kinetik’s dividend payout ratio is currently 115.13%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on KNTK shares. Royal Bank of Canada boosted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Scotiabank decreased their target price on shares of Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a research report on Tuesday, January 21st. Mizuho boosted their price target 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. Wells Fargo & Company increased their price objective on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, The Goldman Sachs Group boosted their target price on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $59.25.

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.