Kinetik Holdings Inc. $KNTK Stake Lifted by Fifth Third Bancorp

Fifth Third Bancorp lifted its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 596.8% during the first quarter, Holdings Channel.com reports. The fund owned 14,863 shares of the company’s stock after purchasing an additional 12,730 shares during the period. Fifth Third Bancorp’s holdings in Kinetik were worth $720,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank increased its position in shares of Kinetik by 91.5% during the 1st 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 period. AQR Capital Management LLC boosted its stake in Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after buying an additional 522 shares in the last quarter. Millennium Management LLC grew its holdings in Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after acquiring an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Kinetik by 27.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after acquiring an additional 17,034 shares during the period. Finally, Intech Investment Management LLC raised its position in Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after acquiring an additional 2,766 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

NYSE:KNTK opened at $48.88 on Tuesday. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $52.54. The stock’s 50-day moving average is $48.21 and its two-hundred day moving average is $45.86. The stock has a market cap of $7.94 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 2.39 and a beta of 0.56.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. Kinetik’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 EPS. On average, equities research analysts anticipate that Kinetik Holdings Inc. will post 0.68 earnings per share for the current year.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the transaction, the insider owned 428,894 shares in the company, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on KNTK shares. Royal Bank Of Canada reissued an “outperform” rating and set a $56.00 target price on shares of Kinetik in a research note on Tuesday, July 21st. Scotiabank reissued an “outperform” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. US Capital Advisors upgraded shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. Tudor Pickering began coverage on shares of Kinetik in a research note on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, Citigroup reiterated a “buy” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.50.

Kinetik Profile

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.