Jackson Square Capital LLC Lowers Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Jackson Square Capital LLC trimmed its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 7.9% in the third quarter, Holdings Channel.com reports. The firm owned 14,790 shares of the company’s stock after selling 1,277 shares during the quarter. Jackson Square Capital LLC’s holdings in Kinetik were worth $669,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Beach Investment Counsel Inc. PA acquired a new position in Kinetik during the second quarter valued at approximately $27,000. Ameritas Investment Partners Inc. lifted its position in shares of Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after purchasing an additional 1,926 shares in the last quarter. Blue Trust Inc. lifted its position in shares of 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 in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Kinetik by 270.0% during the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after purchasing an additional 2,803 shares in the last quarter. Finally, CWM LLC increased 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 last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Kinetik Trading Up 4.9 %

KNTK stock opened at $52.44 on Thursday. Kinetik Holdings Inc. has a one year low of $31.73 and a one year high of $53.41. The firm has a market capitalization of $8.26 billion, a PE ratio of 20.40, a P/E/G ratio of 2.29 and a beta of 2.91. The firm has a 50-day moving average of $47.26 and a two-hundred day moving average of $43.20.

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

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Monday, October 28th will be issued a $0.78 dividend. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date is Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.95%. Kinetik’s dividend payout ratio is currently 121.40%.

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.