SIR Capital Management L.P. Invests $11.54 Million in Kinetik Holdings Inc. (NASDAQ:KNTK)

SIR Capital Management L.P. purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) during the 2nd quarter, HoldingsChannel reports. The firm purchased 278,400 shares of the company’s stock, valued at approximately $11,537,000.

Other large investors have also added to or reduced their stakes in the company. Sei Investments Co. boosted its holdings in Kinetik by 367.6% in the first quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock valued at $2,219,000 after acquiring an additional 43,758 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Kinetik in the fourth quarter valued at $739,000. Swiss National Bank boosted its holdings in Kinetik by 39.5% in the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock valued at $2,815,000 after acquiring an additional 20,000 shares in the last quarter. Monashee Investment Management LLC bought a new stake in Kinetik in the fourth quarter valued at $2,168,000. Finally, Capstone Investment Advisors LLC bought a new stake in Kinetik in the first quarter valued at $1,009,000. Institutional investors own 21.11% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Royal Bank of Canada raised their price objective on Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Scotiabank raised their price objective on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Barclays reissued an “equal weight” rating and set a $43.00 price objective on shares of Kinetik in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company raised their price objective on Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 14th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Kinetik Price Performance

KNTK opened at $43.58 on Tuesday. Kinetik Holdings Inc. has a 1 year low of $31.31 and a 1 year high of $45.60. The stock has a 50-day moving average price of $42.64 and a 200-day moving average price of $40.13. The firm has a market cap of $6.86 billion, a PE ratio of 17.86, a P/E/G ratio of 2.35 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business had revenue of $359.50 million during the quarter, compared to analyst estimates of $305.94 million. During the same quarter in the previous year, the firm earned $0.41 EPS. Kinetik’s revenue was up 21.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.88%. Kinetik’s dividend payout ratio is currently 122.95%.

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.