Zimmer Partners LP Decreases Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Zimmer Partners LP cut its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 37.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 799,547 shares of the company’s stock after selling 475,726 shares during the quarter. Zimmer Partners LP owned 0.51% of Kinetik worth $36,187,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Stifel Financial Corp purchased a new stake in Kinetik during the third quarter worth $202,000. Point72 Asset Management L.P. raised its holdings in shares of Kinetik by 30.6% in the third quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock worth $15,957,000 after acquiring an additional 82,600 shares during the last quarter. Merewether Investment Management LP raised its holdings in shares of Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after acquiring an additional 239,500 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Kinetik by 21.4% in the third quarter. Janus Henderson Group PLC now owns 50,360 shares of the company’s stock worth $2,279,000 after acquiring an additional 8,863 shares during the last quarter. Finally, PDT Partners LLC acquired a new position in shares of Kinetik in the third quarter worth $3,297,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Trading Down 0.9 %

Kinetik stock opened at $58.23 on Friday. The stock has a fifty day moving average price of $53.19 and a 200 day moving average price of $46.11. Kinetik Holdings Inc. has a 52 week low of $31.73 and a 52 week high of $62.55. The firm has a market capitalization of $9.17 billion, a P/E ratio of 21.06, a PEG ratio of 2.65 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. During the same period last year, the firm posted $0.21 EPS. Kinetik’s revenue was up 20.0% on a year-over-year basis. As a group, equities analysts predict that Kinetik Holdings Inc. will post 1.35 EPS 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 $0.78 dividend. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. This represents a $3.12 annualized dividend and a dividend yield of 5.36%. Kinetik’s dividend payout ratio is presently 115.13%.

Analyst Ratings Changes

KNTK has been the subject of a number of analyst reports. Mizuho boosted their price target on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Royal Bank of Canada boosted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays boosted their price target on 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 assigned a buy rating to the company. According to data from MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and a consensus 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.