HITE Hedge Asset Management LLC Sells 317,787 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

HITE Hedge Asset Management LLC cut its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 97.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,202 shares of the company’s stock after selling 317,787 shares during the period. HITE Hedge Asset Management LLC’s holdings in Kinetik were worth $416,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of KNTK. Ashton Thomas Securities LLC purchased a new stake in Kinetik during the 3rd quarter valued at about $46,000. Blue Trust Inc. boosted its holdings in Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after acquiring an additional 2,699 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after purchasing an additional 2,803 shares in the last quarter. CWM LLC increased its position in Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of Kinetik in the 2nd quarter valued at approximately $187,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Down 3.1 %

NASDAQ KNTK opened at $57.18 on Tuesday. Kinetik Holdings Inc. has a 1 year low of $31.73 and a 1 year high of $62.55. The company has a fifty day simple moving average of $52.25 and a 200 day simple moving average of $45.70. The company has a market cap of $9.01 billion, a P/E ratio of 21.10, a P/E/G ratio of 2.74 and a beta of 2.95.

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 negative return on equity of 39.48% 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 prior year, the business posted $0.21 earnings per share. Kinetik’s revenue was up 20.0% compared to the same quarter last year. Equities research analysts forecast that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were paid a dividend of $0.78 per share. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.46%. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on KNTK shares. Mizuho upped their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Royal Bank of Canada raised their price target on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus 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.