Quadrature Capital Ltd Sells 2,900 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Quadrature Capital Ltd cut its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 31.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,252 shares of the company’s stock after selling 2,900 shares during the quarter. Quadrature Capital Ltd’s holdings in Kinetik were worth $283,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new position in Kinetik during the third quarter worth approximately $46,000. Blue Trust Inc. increased its holdings in shares of Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after acquiring an additional 2,699 shares during the last quarter. CWM LLC raised its stake in Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after acquiring an additional 3,615 shares during the period. Point72 DIFC Ltd acquired a new stake in Kinetik during the 2nd quarter valued at $187,000. Finally, Covestor Ltd boosted its position in Kinetik by 13,790.0% during the third quarter. Covestor Ltd now owns 4,167 shares of the company’s stock worth $189,000 after purchasing an additional 4,137 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Stock Down 1.5 %

NASDAQ KNTK opened at $55.45 on Wednesday. Kinetik Holdings Inc. has a 12-month low of $31.73 and a 12-month high of $62.55. The firm has a 50-day moving average price of $53.61 and a two-hundred day moving average price of $46.40. The company has a market capitalization of $8.74 billion, a P/E ratio of 20.46, a P/E/G ratio of 2.92 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results 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). The company had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 EPS. Equities analysts expect that Kinetik Holdings Inc. will post 1.35 EPS for the current year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were given a $0.78 dividend. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.63%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Analyst Upgrades and Downgrades

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

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.