Ashton Thomas Securities LLC Acquires New Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Ashton Thomas Securities LLC bought a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,025 shares of the company’s stock, valued at approximately $46,000.

A number of other hedge funds have also bought and sold shares of KNTK. Blackstone Inc. lifted its stake in Kinetik by 13.8% during the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after acquiring an additional 1,442,653 shares during the period. Westwood Holdings Group Inc. boosted its holdings in Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after buying an additional 1,402,751 shares in the last quarter. Vanguard Group Inc. grew its position in Kinetik by 52.0% during the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after buying an additional 1,134,570 shares during the period. Yaupon Capital Management LP purchased a new stake in shares of Kinetik during the 1st quarter worth about $30,867,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in shares of Kinetik during the 2nd quarter valued at about $13,550,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Down 0.7 %

KNTK opened at $55.74 on Thursday. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 2.61 and a beta of 2.91. The stock’s 50-day moving average price is $48.52 and its 200 day moving average price is $43.82. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $58.68.

Kinetik (NASDAQ:KNTK) last issued its quarterly 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 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 business earned $0.21 EPS. The business’s quarterly revenue was up 20.0% on a year-over-year basis. On average, research analysts forecast that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The company 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. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.60%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is currently 115.13%.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of research analyst reports. 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 note on Thursday, October 24th. 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 research note on Monday, October 14th. Finally, Royal Bank of Canada lifted their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Three investment 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.