HITE Hedge Asset Management LLC Sells 317,787 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

HITE Hedge Asset Management LLC lessened its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 97.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 9,202 shares of the company’s stock after selling 317,787 shares during the period. HITE Hedge Asset Management LLC’s holdings in Kinetik were worth $416,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD acquired a new position in Kinetik during the first quarter worth $414,000. Janus Henderson Group PLC lifted its holdings in shares of Kinetik by 257.1% during the 1st quarter. Janus Henderson Group PLC now owns 26,642 shares of the company’s stock valued at $1,062,000 after buying an additional 19,181 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Kinetik by 38.0% during the first quarter. California State Teachers Retirement System now owns 35,742 shares of the company’s stock valued at $1,425,000 after purchasing an additional 9,846 shares during the period. Harbor Capital Advisors Inc. boosted 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 valued at $159,000 after buying an additional 2,803 shares in the last quarter. Finally, Gilman Hill Asset Management LLC acquired a new position in shares of Kinetik in the 2nd quarter valued at $1,555,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Down 3.1 %

KNTK stock opened at $57.18 on Tuesday. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $62.55. The company has a market capitalization of $9.01 billion, a P/E ratio of 21.10, a PEG ratio of 2.74 and a beta of 2.95. The company has a 50-day simple moving average of $52.25 and a 200 day simple moving average of $45.70.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). The business had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 EPS. Equities analysts anticipate that Kinetik Holdings Inc. will post 1.46 EPS for the current year.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 5.46%. This is a boost 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%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on KNTK shares. Royal Bank of Canada raised their price target on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays boosted their target price on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Finally, Mizuho raised their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to 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.