Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Purchased by Jennison Associates LLC

Jennison Associates LLC increased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 0.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 479,703 shares of the company’s stock after buying an additional 642 shares during the period. Jennison Associates LLC’s holdings in Kinetik were worth $21,711,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Beach Investment Counsel Inc. PA purchased a new stake in shares of Kinetik in the 2nd quarter valued at $27,000. Ashton Thomas Securities LLC purchased a new stake in Kinetik in the third quarter valued at $46,000. Ameritas Investment Partners Inc. grew its position in Kinetik by 112.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after purchasing an additional 1,926 shares during the period. Blue Trust Inc. grew its position in Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after purchasing an additional 2,699 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its holdings 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 period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $61.66 on Friday. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of 22.75, a price-to-earnings-growth ratio of 2.79 and a beta of 2.91. The business’s 50 day moving average price is $50.41 and its 200-day moving average price is $44.66. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55.

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

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.06%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is presently 115.13%.

Wall Street Analysts Forecast Growth

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

Kinetik Company 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.