Childress Capital Advisors LLC Sells 2,634 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Childress Capital Advisors LLC lessened its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 15.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 13,976 shares of the company’s stock after selling 2,634 shares during the period. Childress Capital Advisors LLC’s holdings in Kinetik were worth $633,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Beach Investment Counsel Inc. PA bought a new position in Kinetik in the second quarter worth approximately $27,000. Ameritas Investment Partners Inc. lifted its position in Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after purchasing an additional 1,926 shares in the last quarter. Blue Trust Inc. grew its holdings in Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after purchasing an additional 2,699 shares during the period. Harbor Capital Advisors Inc. increased its position in Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after buying an additional 2,803 shares in the last quarter. Finally, CWM LLC raised its stake in shares of Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after buying an additional 3,615 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Down 0.1 %

Shares of Kinetik stock opened at $48.88 on Wednesday. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $51.97. The business has a 50-day moving average price of $46.47 and a 200-day moving average price of $42.78. The firm has a market cap of $7.51 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 2.38 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.11. The business had revenue of $359.50 million during the quarter, compared to analysts’ expectations of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. On average, equities analysts expect that Kinetik Holdings Inc. will post 1.44 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be given a dividend of $0.78 per share. The ex-dividend date is Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 6.38%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is 127.87%.

Analyst Ratings Changes

A number of research analysts recently issued reports on KNTK shares. Mizuho boosted their price objective on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Royal Bank of Canada upped their price target on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays raised their price objective on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Finally, Scotiabank upped their target price on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and an average price target 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.