Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 13.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 266,714 shares of the company’s stock after selling 40,087 shares during the period. Victory Capital Management Inc. owned 0.17% of Kinetik worth $12,071,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in KNTK. Blackstone Inc. lifted its stake in Kinetik by 13.8% during the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after purchasing an additional 1,442,653 shares in the last quarter. Vanguard Group Inc. lifted its stake in Kinetik by 52.0% during the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after purchasing an additional 1,134,570 shares in the last quarter. Yaupon Capital Management LP acquired a new position in Kinetik during the first quarter worth $30,867,000. HITE Hedge Asset Management LLC acquired a new position in Kinetik during the second quarter worth $13,550,000. Finally, Renaissance Technologies LLC lifted its stake in 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. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on KNTK. Mizuho upped their price target on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Barclays upped their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Finally, Royal Bank of Canada upped their price objective on Kinetik from $46.00 to $52.00 and gave the stock 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and an average price target of $45.71.

Kinetik Trading Up 0.7 %

Kinetik stock opened at $60.57 on Thursday. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $60.64. The stock’s fifty day simple moving average is $50.03 and its 200-day simple moving average is $44.54. The firm has a market capitalization of $9.54 billion, a P/E ratio of 22.35, a P/E/G ratio of 2.68 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). The business had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period last year, the company earned $0.21 EPS. Sell-side analysts predict that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 5.15%. The ex-dividend date was Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is 115.13%.

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.