Quest Partners LLC Acquires 29,988 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Quest Partners LLC boosted its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 261.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,448 shares of the company’s stock after purchasing an additional 29,988 shares during the quarter. Quest Partners LLC’s holdings in Kinetik were worth $1,876,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of KNTK. Versor Investments LP acquired a new position in shares of Kinetik in the third quarter valued at approximately $543,000. Sei Investments Co. increased its position in Kinetik by 367.6% during the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock worth $2,219,000 after buying an additional 43,758 shares during the period. Swiss National Bank lifted its holdings in shares of Kinetik by 39.5% during the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after buying an additional 20,000 shares in the last quarter. Castleark Management LLC bought a new stake in shares of Kinetik in the first quarter valued at about $689,000. Finally, Eos Management L.P. grew its stake in shares of Kinetik by 84.9% in the third quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock valued at $1,222,000 after acquiring an additional 12,400 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on KNTK shares. Royal Bank of Canada boosted 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. Barclays increased their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Mizuho lifted their price objective on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Price Performance

Shares of KNTK opened at $59.26 on Tuesday. The firm has a 50 day simple moving average of $49.36 and a two-hundred day simple moving average of $44.27. Kinetik Holdings Inc. has a one year low of $31.73 and a one year high of $59.33. The company has a market cap of $9.33 billion, a P/E ratio of 21.87, a P/E/G ratio of 2.68 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced 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). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. During the same quarter in the prior year, the company earned $0.21 earnings per share. Kinetik’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, analysts expect that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a dividend yield of 5.26%. Kinetik’s payout ratio is 115.13%.

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.