PDT Partners LLC Increases Stock Position in Kinetik Holdings Inc. $KNTK

Key Points

• PDT Partners LLC increased its stake in Kinetik Holdings Inc. by 45.5%, acquiring an additional 39,535 shares and now holds a total of 126,365 shares.
• Research firms have mixed ratings for Kinetik, with Citigroup maintaining a 'buy' rating while Zacks upgraded it to 'hold', and Barclays lowered its target price from $49.00 to $43.00.
• Kinetik recently reported an EPS of $0.33 for the quarter, significantly exceeding the consensus estimate of $0.14, while also announcing a quarterly dividend of $0.78 per share.

PDT Partners LLC boosted its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 45.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 126,365 shares of the company's stock after purchasing an additional 39,535 shares during the quarter. Kinetik comprises approximately 0.5% of PDT Partners LLC's holdings, making the stock its 28th largest holding. PDT Partners LLC owned 0.08% of Kinetik worth $6,563,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Comerica Bank lifted its stake in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after purchasing an additional 664 shares during the period. Rossby Financial LCC purchased a new stake in Kinetik during the 1st quarter valued at $78,000. KBC Group NV bought a new stake in Kinetik in the first quarter worth $95,000. Finally, Covestor Ltd boosted its stake in Kinetik by 4,129.6% during the first quarter. Covestor Ltd now owns 3,426 shares of the company's stock worth $178,000 after buying an additional 3,345 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Stock Up 3.0%

KNTK stock traded up $1.24 during trading on Thursday, hitting $42.69. 976,018 shares of the company's stock traded hands, compared to its average volume of 1,083,224. The firm has a market capitalization of $6.91 billion, a P/E ratio of 57.69 and a beta of 3.16. Kinetik Holdings Inc. has a 1 year low of $39.25 and a 1 year high of $67.60. The business has a fifty day simple moving average of $41.90 and a two-hundred day simple moving average of $45.39.

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

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.3%. Kinetik's dividend payout ratio is presently 421.62%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Scotiabank reissued an "outperform" rating and issued a $55.00 target price on shares of Kinetik in a research note on Thursday, August 14th. Mizuho set a $53.00 price target on shares of Kinetik and gave the company an "outperform" rating in a report on Friday, August 29th. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Royal Bank Of Canada cut their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Finally, Citigroup reiterated a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $54.89.

About Kinetik

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.