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

Jennison Associates LLC raised its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 0.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 479,703 shares of the company’s stock after acquiring an additional 642 shares during the period. Jennison Associates LLC owned approximately 0.30% of Kinetik worth $21,711,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in KNTK. Blackstone Inc. grew its holdings 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 purchasing an additional 1,442,653 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of 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 bought a new position in shares of Kinetik during the first quarter valued at approximately $30,867,000. Renaissance Technologies LLC raised its holdings in shares of Kinetik by 88.3% in the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after buying an additional 297,200 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Kinetik by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company’s stock worth $18,962,000 after acquiring an additional 20,644 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Kinetik stock opened at $61.66 on Friday. The business has a fifty day moving average price of $50.41 and a 200-day moving average price of $44.66. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $62.55. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 2.79 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued 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). The business had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. Kinetik’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 EPS. On average, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a dividend of $0.78 per share. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. 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 5.06%. Kinetik’s dividend payout ratio is presently 115.13%.

Analysts Set New Price Targets

A number of analysts have weighed in on KNTK shares. Barclays increased their target price on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Mizuho increased their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Royal Bank of Canada upped 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 equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.71.

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.