Quantbot Technologies LP Raises Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Quantbot Technologies LP raised its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 274.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,566 shares of the company’s stock after purchasing an additional 40,008 shares during the period. Quantbot Technologies LP’s holdings in Kinetik were worth $2,470,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of KNTK. Beach Investment Counsel Inc. PA acquired a new position in Kinetik in the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Kinetik in the 3rd quarter valued at $46,000. Blue Trust Inc. boosted its holdings in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after buying an additional 2,699 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after buying an additional 2,803 shares during the last quarter. Finally, CWM LLC lifted its position in Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after acquiring an additional 3,615 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on KNTK. Barclays raised their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Royal Bank of Canada raised their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Mizuho boosted their price objective on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.71.

Kinetik Trading Down 0.8 %

Shares of KNTK stock opened at $58.66 on Friday. The company has a market capitalization of $9.24 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 2.75 and a beta of 2.91. The business’s 50 day moving average is $51.54 and its two-hundred day moving average is $45.28. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $62.55.

Kinetik (NASDAQ:KNTK) last posted 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). The firm had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business earned $0.21 earnings per share. As a group, equities analysts predict that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company 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. This is a boost from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.32%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s dividend payout ratio is currently 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.