Kayne Anderson Capital Advisors LP Sells 261,124 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Kayne Anderson Capital Advisors LP lessened its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 21.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 959,229 shares of the company’s stock after selling 261,124 shares during the quarter. Kinetik accounts for approximately 1.1% of Kayne Anderson Capital Advisors LP’s investment portfolio, making the stock its 19th biggest holding. Kayne Anderson Capital Advisors LP owned 0.61% of Kinetik worth $43,415,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Beach Investment Counsel Inc. PA acquired a new stake in shares of Kinetik in the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new position in shares of Kinetik in the third quarter valued at about $46,000. Ameritas Investment Partners Inc. raised its position in shares of Kinetik by 112.8% in 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 during the period. Blue Trust Inc. raised its holdings in Kinetik by 244.9% in 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. Finally, Harbor Capital Advisors Inc. lifted its position in Kinetik by 270.0% during the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after acquiring an additional 2,803 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

Kinetik Stock Performance

Shares of NASDAQ:KNTK opened at $57.69 on Monday. The firm has a market cap of $9.09 billion, a P/E ratio of 21.29, a PEG ratio of 2.68 and a beta of 2.91. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $58.68. The business’s 50 day simple moving average is $49.05 and its two-hundred day simple moving average is $44.13.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.10). The company had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business posted $0.21 earnings per share. On average, equities analysts forecast that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.41%. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is currently 115.13%.

Analyst Ratings Changes

Several research firms recently issued reports on KNTK. Barclays boosted their price target on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Mizuho boosted their price target on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada raised their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Kinetik currently has an average 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.