Advisors Asset Management Inc. Acquires 66,329 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Advisors Asset Management Inc. boosted its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 26.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 318,938 shares of the company’s stock after buying an additional 66,329 shares during the period. Advisors Asset Management Inc. owned approximately 0.20% of Kinetik worth $14,435,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Beach Investment Counsel Inc. PA acquired a new stake in shares of Kinetik during the second quarter worth $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Kinetik in the third quarter valued at about $46,000. Ameritas Investment Partners Inc. boosted its position in shares of Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after buying an additional 1,926 shares during the period. Blue Trust Inc. grew its holdings in shares of Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after buying an additional 2,699 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after buying an additional 2,803 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Up 1.4 %

Shares of NASDAQ KNTK opened at $60.14 on Wednesday. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $60.15. The company has a market cap of $9.47 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 2.68 and a beta of 2.91. The business’s 50 day moving average price is $49.69 and its two-hundred day moving average price is $44.43.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $331.21 million. During the same quarter last year, the company posted $0.21 EPS. The firm’s revenue was up 20.0% on a year-over-year basis. As a group, research analysts anticipate that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a dividend of $0.78 per share. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. This represents a $3.12 annualized dividend and a dividend yield of 5.19%. Kinetik’s payout ratio is presently 115.13%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on KNTK shares. Mizuho raised their price target 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. Barclays raised their target price on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada boosted their price target on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.