Kayne Anderson Capital Advisors LP Lowers Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Kayne Anderson Capital Advisors LP cut its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTKFree Report) by 21.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 959,229 shares of the company’s stock after selling 261,124 shares during the quarter. Kinetik makes up 1.1% of Kayne Anderson Capital Advisors LP’s investment portfolio, making the stock its 19th biggest position. Kayne Anderson Capital Advisors LP’s holdings in Kinetik were worth $43,415,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in KNTK. Blackstone Inc. increased its position in shares of Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after acquiring an additional 1,442,653 shares during the period. Westwood Holdings Group Inc. increased its stake in shares of Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after buying an additional 1,402,751 shares during the period. Vanguard Group Inc. lifted its stake in Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after acquiring an additional 1,134,570 shares during the period. Yaupon Capital Management LP bought a new stake in Kinetik in the first quarter valued at $30,867,000. Finally, HITE Hedge Asset Management LLC bought a new position in Kinetik in the 2nd quarter worth $13,550,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $57.69 on Monday. The business has a fifty day moving average price of $49.05 and a 200-day moving average price of $44.13. The company has a market capitalization of $9.09 billion, a PE ratio of 21.29, a PEG ratio of 2.68 and a beta of 2.91. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $58.68.

Kinetik (NASDAQ:KNTKGet Free Report) last issued 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 firm 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 company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.21 EPS. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders 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. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.41%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s dividend payout ratio is presently 115.13%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on KNTK shares. Royal Bank of Canada lifted their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Mizuho upped their target price on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Barclays raised their target price on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.71.

Check Out Our Latest Report on KNTK

Kinetik Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Kinetik (NASDAQ:KNTK)

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