Chickasaw Capital Management LLC Decreases Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Chickasaw Capital Management LLC reduced its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 7.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 617,656 shares of the company’s stock after selling 48,686 shares during the quarter. Kinetik comprises approximately 1.4% of Chickasaw Capital Management LLC’s holdings, making the stock its 13th largest position. Chickasaw Capital Management LLC’s holdings in Kinetik were worth $35,027,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in KNTK. Geode Capital Management LLC lifted its stake in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after buying an additional 13,644 shares during the period. Merewether Investment Management LP raised its position in Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after acquiring an additional 239,500 shares during the period. Renaissance Technologies LLC increased its stake in shares of Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after purchasing an additional 297,200 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Kinetik by 70.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock valued at $18,927,000 after purchasing an additional 188,533 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in Kinetik by 15.7% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 398,136 shares of the company’s stock worth $18,020,000 after purchasing an additional 54,000 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 1.2 %

NASDAQ KNTK traded up $0.72 on Tuesday, reaching $59.22. The stock had a trading volume of 386,756 shares, compared to its average volume of 524,302. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of 21.85, a P/E/G ratio of 2.85 and a beta of 2.91. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55. The business has a 50 day moving average price of $56.54 and a 200 day moving average price of $48.66.

Kinetik (NASDAQ:KNTK) last released 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 firm had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same quarter last year, the firm earned $0.21 earnings per share. Kinetik’s quarterly revenue was up 20.0% on a year-over-year basis. On average, analysts anticipate that Kinetik Holdings Inc. will post 1.35 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. Shareholders 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. The ex-dividend date was Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 5.27%. Kinetik’s dividend payout ratio (DPR) is currently 115.13%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on KNTK shares. Mizuho boosted their price target on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. The Goldman Sachs Group increased their price target on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company increased their price objective on Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Citigroup upped their price target on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, Barclays raised their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

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.