Castleark Management LLC Purchases New Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Castleark Management LLC purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 17,280 shares of the company’s stock, valued at approximately $689,000.

Several other institutional investors have also made changes to their positions in KNTK. Ameritas Investment Partners Inc. raised its position in Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after purchasing an additional 1,926 shares in the last quarter. EntryPoint Capital LLC increased its holdings in shares of Kinetik by 109.8% during the first quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock worth $188,000 after buying an additional 2,464 shares in the last quarter. ProShare Advisors LLC acquired a new position in shares of Kinetik during the first quarter worth $261,000. Virtu Financial LLC acquired a new position in shares of Kinetik during the fourth quarter worth $223,000. Finally, Bornite Capital Management LP acquired a new position in shares of Kinetik during the first quarter worth $271,000. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on KNTK. Mizuho upped their price target on shares of Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. upped their price target on shares of Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Scotiabank upped their price target on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Wells Fargo & Company increased their price objective on Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, May 14th. Finally, Barclays restated an “equal weight” rating and issued a $43.00 price objective on shares of Kinetik in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $41.44.

Kinetik Stock Down 0.8 %

KNTK traded down $0.32 during trading on Thursday, reaching $41.16. 221,646 shares of the stock traded hands, compared to its average volume of 521,996. The stock has a market capitalization of $6.32 billion, a PE ratio of 16.81, a P/E/G ratio of 2.56 and a beta of 2.96. The stock’s 50-day moving average is $41.40 and its 200 day moving average is $38.22. Kinetik Holdings Inc. has a 12 month low of $31.31 and a 12 month high of $45.27.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.32). The firm had revenue of $341.39 million for the quarter, compared to the consensus estimate of $277.52 million. Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. The business’s revenue was up 21.5% compared to the same quarter last year. During the same period last year, the company posted ($0.06) EPS. As a group, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.15 EPS for the current year.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, July 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.29%. Kinetik’s dividend payout ratio (DPR) is presently 122.95%.

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.