Quadrature Capital Ltd Sells 2,900 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Quadrature Capital Ltd trimmed its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 31.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,252 shares of the company’s stock after selling 2,900 shares during the period. Quadrature Capital Ltd’s holdings in Kinetik were worth $283,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD bought a new stake in shares of Kinetik during the 1st quarter valued at $414,000. Raymond James & Associates lifted its stake in Kinetik by 19.5% in the second quarter. Raymond James & Associates now owns 62,177 shares of the company’s stock valued at $2,577,000 after buying an additional 10,159 shares during the period. Catalyst Capital Advisors LLC boosted its holdings in Kinetik by 7.4% during the second quarter. Catalyst Capital Advisors LLC now owns 238,002 shares of the company’s stock worth $9,863,000 after buying an additional 16,409 shares during the last quarter. Bank of New York Mellon Corp grew its position 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 buying an additional 20,644 shares during the period. Finally, Miller Howard Investments Inc. NY increased its stake in shares of Kinetik by 108.9% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 153,380 shares of the company’s stock valued at $6,356,000 after acquiring an additional 79,962 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Stock Down 1.5 %

Shares of KNTK stock opened at $55.45 on Wednesday. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $62.55. The firm has a fifty day moving average of $53.61 and a 200-day moving average of $46.40. The company has a market capitalization of $8.74 billion, a price-to-earnings ratio of 20.46, a P/E/G ratio of 2.92 and a beta of 2.95.

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

Kinetik Increases Dividend

The company also recently declared 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. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.63%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is 115.13%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Royal Bank of Canada lifted their price objective 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. Mizuho boosted their price target on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Barclays raised their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.