Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC decreased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 7.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 617,656 shares of the company’s stock after selling 48,686 shares during the period. Kinetik makes up approximately 1.4% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its 13th largest position. Chickasaw Capital Management LLC owned about 0.39% of Kinetik worth $35,027,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. HITE Hedge Asset Management LLC acquired a new position in Kinetik in the 2nd quarter valued at about $13,550,000. Renaissance Technologies LLC raised its position in shares of Kinetik by 88.3% in the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after buying an additional 297,200 shares during the period. SIR Capital Management L.P. acquired a new stake in shares of Kinetik in the second quarter valued at about $11,537,000. Merewether Investment Management LP raised its position in shares of Kinetik by 56.6% in the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares in the last quarter. Finally, Gilman Hill Asset Management LLC increased its holdings in shares of Kinetik by 551.6% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock valued at $11,067,000 after acquiring an additional 206,999 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Stock Performance

Shares of KNTK stock traded up $0.72 during trading hours on Tuesday, hitting $59.22. 386,756 shares of the company were exchanged, compared to its average volume of 524,302. The company has a 50 day simple moving average of $56.54 and a two-hundred day simple moving average of $48.66. The firm has a market cap of $9.33 billion, a P/E ratio of 21.85, a P/E/G ratio of 2.85 and a beta of 2.91. Kinetik Holdings Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $62.55.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $331.21 million. During the same quarter in the prior year, the firm posted $0.21 earnings per share. The company’s revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.27%. Kinetik’s dividend payout ratio is currently 115.13%.

Analyst Upgrades and Downgrades

KNTK has been the subject of several recent analyst reports. Mizuho raised their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Barclays upped their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Royal Bank of Canada lifted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group boosted their price objective on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company raised their target price on Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and an average price target of $53.00.

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.