Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Brookfield Corp ON

Brookfield Corp ON reduced its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 93.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,923 shares of the company’s stock after selling 196,209 shares during the period. Brookfield Corp ON’s holdings in Kinetik were worth $630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD acquired a new stake in shares of Kinetik during the first quarter worth $414,000. California State Teachers Retirement System lifted its holdings in shares of Kinetik by 38.0% in the 1st quarter. California State Teachers Retirement System now owns 35,742 shares of the company’s stock valued at $1,425,000 after buying an additional 9,846 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after buying an additional 2,803 shares during the last quarter. Raymond James & Associates grew its holdings in Kinetik by 19.5% during the second quarter. Raymond James & Associates now owns 62,177 shares of the company’s stock worth $2,577,000 after acquiring an additional 10,159 shares during the period. Finally, Catalyst Capital Advisors LLC raised its position in Kinetik by 7.4% during the second quarter. Catalyst Capital Advisors LLC now owns 238,002 shares of the company’s stock valued at $9,863,000 after acquiring an additional 16,409 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on KNTK. Barclays upped their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Royal Bank of Canada increased their price target on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Mizuho lifted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and a consensus price target of $45.71.

Kinetik Stock Down 0.9 %

KNTK opened at $58.23 on Friday. The firm’s fifty day simple moving average is $53.19 and its two-hundred day simple moving average is $46.11. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $62.55. The company has a market cap of $9.17 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.65 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last announced its 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). 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 for the quarter, compared to analyst estimates of $331.21 million. During the same period in the previous year, the company earned $0.21 EPS. Kinetik’s revenue was up 20.0% compared to the same quarter last year. On average, research analysts forecast that Kinetik Holdings Inc. will post 1.35 EPS for the current year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 5.36%. The ex-dividend date was Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is 115.13%.

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.