Wellington Management Group LLP Cuts Stock Holdings in Kinetik Holdings Inc. $KNTK

Wellington Management Group LLP lowered its position in Kinetik Holdings Inc. (NYSE:KNTK) by 43.4% in the second quarter, Holdings Channel.com reports. The firm owned 497,603 shares of the company’s stock after selling 381,441 shares during the quarter. Wellington Management Group LLP’s holdings in Kinetik were worth $24,054,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Comerica Bank increased its position in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after purchasing an additional 732 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Kinetik by 4.2% in the 1st 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 during the period. Millennium Management LLC lifted its holdings in shares of Kinetik by 88.7% in the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after buying an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Kinetik by 27.3% in 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 valued at $4,131,000 after buying an additional 17,034 shares in the last quarter. Finally, Intech Investment Management LLC grew its holdings in Kinetik by 14.3% during 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 during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48. Following the sale, the insider directly owned 1,691,370 shares in the company, valued at $85,448,012.40. The trade was a 12.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 1,134,497 shares of company stock worth $59,265,751. Insiders own 3.56% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on KNTK shares. Scotiabank reiterated an “outperform” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Zacks Research lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price target (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. US Capital Advisors upgraded shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Finally, Citigroup reiterated a “buy” rating and issued a $55.00 price objective (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.27.

Kinetik Stock Performance

Shares of KNTK stock opened at $54.49 on Friday. The stock has a fifty day moving average price of $51.17 and a 200 day moving average price of $48.45. The stock has a market cap of $8.85 billion, a PE ratio of 19.74, a P/E/G ratio of 1.34 and a beta of 0.57. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $56.10.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. The company had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.Kinetik’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 earnings per share. As a group, equities research analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

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.