Jennison Associates LLC Reduces Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Jennison Associates LLC lessened its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 30.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 332,320 shares of the company’s stock after selling 147,383 shares during the period. Jennison Associates LLC owned 0.21% of Kinetik worth $18,846,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Round Rock Advisors LLC acquired a new stake in Kinetik during the fourth quarter worth approximately $303,000. Blue Trust Inc. grew its position in shares of Kinetik by 18.1% in the 4th quarter. Blue Trust Inc. now owns 4,488 shares of the company’s stock valued at $255,000 after buying an additional 687 shares during the last quarter. Fifth Third Bancorp acquired a new stake in Kinetik during the 4th quarter worth $26,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Kinetik by 10.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock valued at $24,952,000 after acquiring an additional 41,864 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Kinetik by 0.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 81,230 shares of the company’s stock valued at $4,607,000 after acquiring an additional 739 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of KNTK opened at $64.54 on Thursday. The stock has a market capitalization of $10.17 billion, a P/E ratio of 23.81, a P/E/G ratio of 1.67 and a beta of 2.89. Kinetik Holdings Inc. has a 1 year low of $31.98 and a 1 year high of $67.60. The company’s fifty day moving average is $59.94 and its two-hundred day moving average is $51.88.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (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 firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same quarter last year, the firm earned $0.21 earnings per share. The company’s revenue was up 20.0% compared to the same quarter last year. Sell-side analysts predict that Kinetik Holdings Inc. will post 1.96 EPS for the current year.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend is Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is 115.13%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Wells Fargo & Company lifted their target price on Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Citigroup boosted their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Royal Bank of Canada raised their target price 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. Barclays lifted their target price on shares of Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Finally, The Goldman Sachs Group increased their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.25.

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.