Graham Capital Wealth Management LLC Has $2.22 Million Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Graham Capital Wealth Management LLC cut its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 1.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,143 shares of the company’s stock after selling 751 shares during the quarter. Kinetik makes up 2.3% of Graham Capital Wealth Management LLC’s portfolio, making the stock its 18th biggest holding. Graham Capital Wealth Management LLC’s holdings in Kinetik were worth $2,224,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. increased its stake in shares of Kinetik by 367.6% in the first quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock worth $2,219,000 after acquiring an additional 43,758 shares during the last quarter. Swiss National Bank boosted its holdings in Kinetik by 39.5% in the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after purchasing an additional 20,000 shares in the last quarter. Capstone Investment Advisors LLC bought a new stake in Kinetik in the first quarter worth $1,009,000. Susquehanna Fundamental Investments LLC bought a new stake in Kinetik in the first quarter worth $755,000. Finally, Castleark Management LLC bought a new stake in Kinetik in the first quarter worth $689,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on KNTK. Royal Bank of Canada upped their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Barclays upped 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. Mizuho upped their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Scotiabank upped their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. 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, Kinetik has an average rating of “Moderate Buy” and an average target price of $45.71.

Kinetik Stock Down 3.8 %

KNTK stock traded down $1.94 during mid-day trading on Friday, reaching $49.64. 1,233,734 shares of the stock traded hands, compared to its average volume of 429,287. Kinetik Holdings Inc. has a 52 week low of $31.73 and a 52 week high of $51.97. The business has a 50-day moving average of $46.26 and a two-hundred day moving average of $42.61. The firm has a market capitalization of $7.63 billion, a PE ratio of 20.34, a P/E/G ratio of 2.38 and a beta of 2.91.

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

Kinetik Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Monday, October 28th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.29%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is currently 127.87%.

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.