Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Two Sigma Advisers LP

Two Sigma Advisers LP cut its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 29.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 368,980 shares of the company’s stock after selling 152,300 shares during the period. Two Sigma Advisers LP owned approximately 0.23% of Kinetik worth $16,700,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Kinetik by 14.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company’s stock valued at $356,000 after purchasing an additional 983 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in Kinetik during the third quarter worth about $46,000. SL Advisors LLC raised its holdings in shares of Kinetik by 5.0% in the 3rd quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock worth $992,000 after purchasing an additional 1,037 shares during the period. Van ECK Associates Corp lifted its stake in shares of Kinetik by 19.6% in the 2nd quarter. Van ECK Associates Corp now owns 14,143 shares of the company’s stock valued at $586,000 after purchasing an additional 2,318 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Kinetik by 71.9% during the 3rd quarter. SG Americas Securities LLC now owns 5,678 shares of the company’s stock worth $257,000 after purchasing an additional 2,375 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Price Performance

Shares of KNTK stock opened at $58.20 on Monday. The company’s fifty day moving average price is $53.19 and its two-hundred day moving average price is $46.18. The firm has a market capitalization of $9.17 billion, a P/E ratio of 21.48, a P/E/G ratio of 2.65 and a beta of 2.95. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $62.55.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. During the same period in the prior year, the company posted $0.21 EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.35 EPS for the current 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 paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.36%. The ex-dividend date was Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is 115.13%.

Wall Street Analyst Weigh In

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

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.