Kingsview Wealth Management LLC Has $2.97 Million Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Kingsview Wealth Management LLC cut its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 11.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,567 shares of the company’s stock after selling 8,851 shares during the period. Kingsview Wealth Management LLC’s holdings in Kinetik were worth $2,968,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Beach Investment Counsel Inc. PA bought a new position in shares of Kinetik during the second quarter worth about $27,000. Ashton Thomas Securities LLC bought a new position in shares of Kinetik during the 3rd quarter worth approximately $46,000. Blue Trust Inc. lifted its position in shares of Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after purchasing an additional 2,699 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position 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 purchasing an additional 2,803 shares in the last quarter. Finally, CWM LLC boosted its holdings in Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Down 0.8 %

Shares of NASDAQ KNTK opened at $61.65 on Monday. The business’s 50 day moving average price is $50.75 and its two-hundred day moving average price is $44.90. The company has a market cap of $9.71 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 2.88 and a beta of 2.91. Kinetik Holdings Inc. has a twelve month low of $31.73 and a twelve month high of $62.55.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.10). The company had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.21 earnings per share. As a group, research analysts anticipate that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.06%. Kinetik’s dividend payout ratio (DPR) is 115.13%.

Wall Street Analyst Weigh In

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

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.