Kingsview Wealth Management LLC Trims Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Kingsview Wealth Management LLC cut its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 11.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 65,567 shares of the company’s stock after selling 8,851 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Kinetik were worth $2,968,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Kinetik by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 307,929 shares of the company’s stock valued at $13,937,000 after purchasing an additional 9,882 shares during the period. Intech Investment Management LLC purchased a new position in Kinetik during the 3rd quarter worth approximately $558,000. Advisors Asset Management Inc. lifted its stake in Kinetik by 26.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 318,938 shares of the company’s stock worth $14,435,000 after acquiring an additional 66,329 shares in the last quarter. Quest Partners LLC grew its position in Kinetik by 261.7% during the third quarter. Quest Partners LLC now owns 41,448 shares of the company’s stock valued at $1,876,000 after purchasing an additional 29,988 shares in the last quarter. Finally, Versor Investments LP acquired a new position in shares of Kinetik in the third quarter worth $543,000. 21.11% of the stock is currently owned by institutional investors.

Kinetik Price Performance

NASDAQ KNTK opened at $61.65 on Monday. The stock’s 50 day simple moving average is $50.75 and its 200 day simple moving average is $44.90. Kinetik Holdings Inc. has a one year low of $31.73 and a one year high of $62.55. The firm has a market cap of $9.71 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 2.88 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its 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). The business 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 quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.21 earnings per share. As a group, equities analysts expect that Kinetik Holdings Inc. will post 1.46 earnings per share for the current year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.06%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s dividend payout ratio is presently 115.13%.

Analyst Upgrades and Downgrades

Several research firms have commented on KNTK. Royal Bank of Canada raised their target price 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 stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Barclays raised their price objective 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.