Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Brookfield Corp ON

Brookfield Corp ON cut its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 93.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,923 shares of the company’s stock after selling 196,209 shares during the quarter. Brookfield Corp ON’s holdings in Kinetik were worth $630,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of KNTK. Ashton Thomas Securities LLC acquired a new stake in Kinetik in the 3rd quarter valued at approximately $46,000. Blue Trust Inc. increased its stake in Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after purchasing an additional 2,699 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after purchasing an additional 2,803 shares during the period. CWM LLC grew its holdings in shares of Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after purchasing an additional 3,615 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in Kinetik during the 2nd quarter worth approximately $187,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on KNTK shares. Mizuho upped their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Royal Bank of Canada upped their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays boosted 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 analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $45.71.

Kinetik Price Performance

NASDAQ KNTK opened at $58.23 on Friday. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $62.55. The company has a market capitalization of $9.17 billion, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 2.65 and a beta of 2.95. The firm’s fifty day moving average price is $53.19 and its 200 day moving average price is $46.11.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period last year, the firm earned $0.21 EPS. As a group, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.35 earnings per share for the current year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a dividend of $0.78 per share. This is an increase from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.36%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

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.