Catalyst Capital Advisors LLC Purchases 7,552 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Catalyst Capital Advisors LLC grew its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 3.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 245,554 shares of the company’s stock after acquiring an additional 7,552 shares during the period. Catalyst Capital Advisors LLC’s holdings in Kinetik were worth $11,114,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Beach Investment Counsel Inc. PA acquired a new position in shares of Kinetik in the second quarter worth about $27,000. Ameritas Investment Partners Inc. grew its stake in Kinetik by 112.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after acquiring an additional 1,926 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after buying an additional 2,699 shares during the period. Harbor Capital Advisors Inc. grew its stake in shares of Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after buying an additional 2,803 shares during the period. Finally, CWM LLC grew its stake in shares of Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after buying an additional 3,615 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KNTK. Barclays increased their target price 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. Mizuho increased their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Royal Bank of Canada raised their target price 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. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $45.71.

Kinetik Price Performance

NASDAQ KNTK opened at $48.74 on Tuesday. Kinetik Holdings Inc. has a 12 month low of $31.73 and a 12 month high of $51.97. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 18.58, a price-to-earnings-growth ratio of 2.25 and a beta of 2.91. The company’s fifty day moving average price is $46.81 and its two-hundred day moving average price is $42.99.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The business had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $305.94 million. During the same quarter last year, the company earned $0.41 EPS. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, analysts anticipate that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 6.40%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is presently 121.40%.

Kinetik Company Profile

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.