Castleark Management LLC Purchases Shares of 17,280 Kinetik Holdings Inc. (NASDAQ:KNTK)

Castleark Management LLC purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 1st quarter, Holdings Channel reports. The firm purchased 17,280 shares of the company’s stock, valued at approximately $689,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Blackstone Inc. raised its position in Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after purchasing an additional 1,442,653 shares during the period. Westwood Holdings Group Inc. raised its stake in shares of Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after purchasing an additional 1,402,751 shares during the period. Vanguard Group Inc. raised its stake in shares of Kinetik by 52.0% during the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after purchasing an additional 1,134,570 shares during the period. Kayne Anderson Capital Advisors LP lifted its position in shares of Kinetik by 1,992.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after purchasing an additional 1,109,308 shares in the last quarter. Finally, Cohen & Steers Inc. increased its stake in Kinetik by 97.5% during the 4th quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock worth $25,482,000 after buying an additional 376,732 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Mizuho lifted their price objective on Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Barclays reissued an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a research report on Wednesday, July 10th. Wells Fargo & Company upped their price target on shares of Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, May 14th. Finally, Scotiabank upped their target price on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 2nd. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.44.

Kinetik Stock Performance

Shares of Kinetik stock traded down $0.32 during trading on Thursday, hitting $41.16. 221,646 shares of the stock were exchanged, compared to its average volume of 521,996. Kinetik Holdings Inc. has a 12 month low of $31.31 and a 12 month high of $45.27. The stock’s fifty day moving average is $41.40 and its 200 day moving average is $38.22. The stock has a market cap of $6.32 billion, a PE ratio of 16.81, a P/E/G ratio of 2.56 and a beta of 2.96.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.32). Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. The firm had revenue of $341.39 million during the quarter, compared to analyst estimates of $277.52 million. During the same quarter in the previous year, the business posted ($0.06) EPS. Kinetik’s revenue for the quarter was up 21.5% compared to the same quarter last year. Sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.15 EPS for the current fiscal year.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.29%. The ex-dividend date of this dividend is Monday, July 29th. Kinetik’s dividend payout ratio (DPR) is 122.95%.

Kinetik 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.