Barnett & Company Inc. Sells 4,765 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Barnett & Company Inc. decreased its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 3.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 136,778 shares of the company’s stock after selling 4,765 shares during the quarter. Kinetik makes up about 4.1% of Barnett & Company Inc.’s investment portfolio, making the stock its 6th biggest holding. Barnett & Company Inc. owned 0.09% of Kinetik worth $6,191,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in KNTK. Private Advisor Group LLC bought a new stake in shares of Kinetik during the 1st quarter worth approximately $359,000. Swiss National Bank raised its position in Kinetik by 39.5% during the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after acquiring an additional 20,000 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Kinetik in the first quarter valued at $755,000. Sei Investments Co. grew its position in shares of Kinetik by 367.6% in the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock valued at $2,219,000 after acquiring an additional 43,758 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Kinetik by 140.7% during the 1st quarter. Russell Investments Group Ltd. now owns 74,800 shares of the company’s stock worth $2,982,000 after purchasing an additional 43,729 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on KNTK. Royal Bank of Canada lifted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Mizuho increased 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, Barclays lifted their price objective on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Price Performance

Kinetik stock traded down $0.97 during midday trading on Tuesday, hitting $56.55. The company’s stock had a trading volume of 63,660 shares, compared to its average volume of 511,640. Kinetik Holdings Inc. has a 1-year low of $31.73 and a 1-year high of $58.68. The company has a 50-day moving average price of $48.04 and a two-hundred day moving average price of $43.62. The company has a market cap of $8.91 billion, a price-to-earnings ratio of 21.23, a PEG ratio of 2.73 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced 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). Kinetik had a net margin of 30.25% and a negative return on equity of 48.41%. The company had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same period in the prior year, the firm earned $0.21 earnings per share. Kinetik’s revenue was up 20.0% on a year-over-year basis. Sell-side analysts forecast that Kinetik Holdings Inc. will post 1.46 EPS for the current year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were issued a $0.78 dividend. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.52%. The ex-dividend date was Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is currently 115.13%.

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.