Barnett & Company Inc. Decreases Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Barnett & Company Inc. lowered its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 3.4% in the third quarter, Holdings Channel reports. The fund owned 136,778 shares of the company’s stock after selling 4,765 shares during the quarter. Kinetik accounts for approximately 4.1% of Barnett & Company Inc.’s investment portfolio, making the stock its 6th largest holding. Barnett & Company Inc.’s holdings in Kinetik were worth $6,191,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sei Investments Co. boosted its holdings in shares of Kinetik by 367.6% during the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock valued at $2,219,000 after acquiring an additional 43,758 shares in the last quarter. Swiss National Bank boosted its stake in shares of Kinetik by 39.5% during the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock valued at $2,815,000 after purchasing an additional 20,000 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Kinetik during the first quarter worth about $755,000. Castleark Management LLC acquired a new position in shares of Kinetik in the first quarter valued at approximately $689,000. Finally, Eos Management L.P. raised its holdings in Kinetik by 84.9% in the 3rd quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock valued at $1,222,000 after buying an additional 12,400 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Stock Performance

Shares of NASDAQ KNTK traded down $0.97 during trading on Tuesday, hitting $56.55. 63,660 shares of the company traded hands, compared to its average volume of 511,640. The business’s fifty day moving average is $48.04 and its 200 day moving average is $43.62. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $58.68. The firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of 21.23, a P/E/G ratio of 2.73 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 48.41% and a net margin of 30.25%. The business had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. During the same period in the previous year, the firm earned $0.21 earnings per share. The company’s revenue was up 20.0% on a year-over-year basis. On average, analysts predict that Kinetik Holdings Inc. will post 1.46 EPS for the current year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 annualized dividend and a dividend yield of 5.52%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is currently 115.13%.

Analyst Ratings Changes

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

Kinetik 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.