Fort Washington Investment Advisors Inc. OH Takes Position in Kinetik Holdings Inc. $KNTK

Key Points

• Fort Washington Investment Advisors Inc. OH has acquired a new stake in Kinetik Holdings Inc., purchasing 32,392 shares valued at approximately $1,427,000 in the second quarter.
• Kinetik recently reported $0.33 EPS for the last quarter, surpassing expectations and showing an 18.7% increase in quarterly revenue compared to the same period last year.
• The company has announced a quarterly dividend of $0.78 per share, which represents an annualized yield of 7.0% despite a high payout ratio of 421.62%.

Fort Washington Investment Advisors Inc. OH acquired a new stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 32,392 shares of the company's stock, valued at approximately $1,427,000.

A number of other institutional investors have also modified their holdings of the company. Bell Investment Advisors Inc acquired a new position in Kinetik in the 1st quarter valued at $41,000. Nisa Investment Advisors LLC increased its stake in Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after purchasing an additional 664 shares during the last quarter. Rossby Financial LCC acquired a new position in Kinetik in the first quarter valued at $78,000. Comerica Bank increased its stake in Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company's stock valued at $80,000 after purchasing an additional 732 shares during the last quarter. Finally, Strs Ohio acquired a new position in Kinetik in the first quarter valued at $93,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

KNTK stock opened at $44.52 on Tuesday. Kinetik Holdings Inc. has a 1 year low of $39.25 and a 1 year high of $67.60. The firm has a market cap of $7.21 billion, a P/E ratio of 60.16, a price-to-earnings-growth ratio of 1.13 and a beta of 3.16. The stock has a 50-day simple moving average of $42.31 and a 200-day simple moving average of $43.85.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. During the same period in the prior year, the business earned $0.54 earnings per share. Kinetik's quarterly revenue was up 18.7% compared to the same quarter last year.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were paid a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.0%. Kinetik's dividend payout ratio (DPR) is currently 421.62%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Mizuho set a $53.00 price objective on shares of Kinetik and gave the company an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Sunday. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Barclays dropped their price objective on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Finally, Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $54.67.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.

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