Tred Avon Family Wealth LLC Invests $830,000 in Kinetik Holdings Inc. $KNTK

Tred Avon Family Wealth LLC purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 19,426 shares of the company’s stock, valued at approximately $830,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. RR Advisors LLC purchased a new stake in shares of Kinetik during the second quarter worth $22,471,000. Adage Capital Partners GP L.L.C. bought a new stake in shares of Kinetik during the 2nd quarter valued at $22,025,000. Chickasaw Capital Management LLC lifted its holdings in Kinetik by 63.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after purchasing an additional 428,103 shares in the last quarter. Bank of America Corp DE boosted its stake in Kinetik by 109.7% in the 2nd quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock worth $34,196,000 after purchasing an additional 406,160 shares during the period. Finally, Squarepoint Ops LLC grew its holdings in Kinetik by 1,483.0% during the 2nd quarter. Squarepoint Ops LLC now owns 224,006 shares of the company’s stock valued at $9,867,000 after buying an additional 209,855 shares in the last quarter. 21.11% of the stock is owned by institutional investors.

Kinetik Stock Up 3.0%

NYSE KNTK opened at $38.68 on Friday. The company has a 50-day simple moving average of $35.28 and a two-hundred day simple moving average of $38.96. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $67.60. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 92.10, a PEG ratio of 0.71 and a beta of 0.73.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.20). The company had revenue of $463.97 million during the quarter, compared to analysts’ expectations of $604.57 million. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The firm’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KNTK. Mizuho set a $48.00 price target on shares of Kinetik in a report on Wednesday, October 29th. Raymond James Financial set a $46.00 target price on shares of Kinetik in a research note on Monday, January 5th. Scotiabank restated an “outperform” rating and set a $48.00 price target on shares of Kinetik in a research report on Friday. Wolfe Research reaffirmed an “outperform” rating and issued a $42.00 price target on shares of Kinetik in a report on Friday, November 7th. Finally, Royal Bank Of Canada decreased their price objective on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and a consensus price target of $45.82.

Insider Buying and Selling

In other news, insider Jamie Welch purchased 8,000 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was bought at an average cost of $34.57 per share, for a total transaction of $276,560.00. Following the acquisition, the insider directly owned 3,687,791 shares of the company’s stock, valued at $127,486,934.87. This represents a 0.22% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew Wall sold 8,083 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the sale, the insider directly owned 554,738 shares of the company’s stock, valued at $19,998,304.90. The trade was a 1.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.83% of the company’s stock.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.