Price T Rowe Associates Inc. MD Acquires 2,797 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Price T Rowe Associates Inc. MD lifted its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 22.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 15,302 shares of the company’s stock after acquiring an additional 2,797 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Kinetik were worth $868,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Harbor Capital Advisors Inc. boosted its position in Kinetik by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after buying an additional 174 shares during the period. GAMMA Investing LLC boosted its holdings in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after acquiring an additional 213 shares during the period. Private Advisor Group LLC grew its position in Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock worth $502,000 after acquiring an additional 448 shares during the last quarter. Fifth Third Bancorp purchased a new position in Kinetik in the 4th quarter worth approximately $26,000. Finally, Canton Hathaway LLC bought a new stake in Kinetik in the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of KNTK opened at $41.79 on Monday. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The firm’s 50-day simple moving average is $46.82 and its two-hundred day simple moving average is $54.53. The stock has a market cap of $6.59 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.24). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $443.26 million during the quarter, compared to analysts’ expectations of $466.54 million. During the same quarter in the previous year, the company earned $0.12 EPS. The business’s quarterly revenue was up 29.8% on a year-over-year basis. Equities research analysts predict that Kinetik Holdings Inc. will post 1.96 EPS for the current year.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were issued a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.47%. Kinetik’s dividend payout ratio (DPR) is presently 328.42%.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the transaction, the insider now owns 657,583 shares of the company’s stock, valued at approximately $34,628,320.78. The trade was a 61.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

KNTK has been the topic of several analyst reports. Barclays lifted their target price on shares of Kinetik from $57.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 16th. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Wells Fargo & Company cut their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Finally, Royal Bank of Canada cut their price objective on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $58.56.

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.