Versor Investments LP Takes Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Versor Investments LP purchased a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 12,000 shares of the company’s stock, valued at approximately $543,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Blackstone Inc. increased its position in shares of Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after acquiring an additional 1,442,653 shares in the last quarter. Westwood Holdings Group Inc. grew its position in Kinetik by 148.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after purchasing an additional 1,402,751 shares in the last quarter. Vanguard Group Inc. raised its stake in Kinetik by 52.0% during the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after purchasing an additional 1,134,570 shares during the period. Yaupon Capital Management LP acquired a new stake in Kinetik during the 1st quarter valued at $30,867,000. Finally, HITE Hedge Asset Management LLC purchased a new stake in shares of Kinetik in the second quarter valued at $13,550,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of NASDAQ KNTK opened at $55.74 on Thursday. The stock has a market cap of $8.78 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 2.61 and a beta of 2.91. The business has a 50 day simple moving average of $48.52 and a 200 day simple moving average of $43.82. Kinetik Holdings Inc. has a 52 week low of $31.73 and a 52 week high of $58.68.

Kinetik (NASDAQ:KNTK) last released 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 for the quarter, compared to the consensus estimate of $331.21 million. During the same quarter in the prior year, the business posted $0.21 EPS. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, analysts predict that Kinetik Holdings Inc. will post 1.46 EPS for the current year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 5.60%. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is 115.13%.

Analysts Set New Price Targets

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