Pictet Asset Management Holding SA Acquires 30,550 Shares of Kinetik Holdings Inc. $KNTK

Pictet Asset Management Holding SA raised its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 6.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 481,466 shares of the company’s stock after purchasing an additional 30,550 shares during the quarter. Pictet Asset Management Holding SA owned 0.30% of Kinetik worth $24,170,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of KNTK. Allworth Financial LP raised its position in shares of Kinetik by 72.4% in the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after purchasing an additional 239 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Kinetik by 10.5% during the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after buying an additional 273 shares in the last quarter. Royal Fund Management LLC grew its position in shares of Kinetik by 1.3% during the third quarter. Royal Fund Management LLC now owns 21,876 shares of the company’s stock worth $1,098,000 after buying an additional 289 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Kinetik by 4.0% during the third quarter. ProShare Advisors LLC now owns 7,676 shares of the company’s stock worth $385,000 after buying an additional 295 shares in the last quarter. Finally, Signaturefd LLC increased its stake in shares of Kinetik by 21.3% in the third quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock worth $86,000 after buying an additional 301 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Morgan Stanley reduced their price objective on shares of Kinetik from $67.00 to $64.00 and set an “overweight” rating on the stock in a research note on Tuesday. Clear Str lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Kinetik in a research report on Wednesday, November 4th. Jefferies Financial Group restated a “hold” rating and issued a $54.00 target price (down from $56.00) on shares of Kinetik in a research note on Monday, October 19th. Finally, Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.36.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $54.77, for a total value of $109,540,000.00. Following the completion of the transaction, the insider owned 1 shares of the company’s stock, valued at $54.77. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders have sold a total of 3,279,940 shares of company stock valued at $178,803,025 over the last three months. Insiders own 3.56% of the company’s stock.

Kinetik Trading Up 3.0%

Shares of KNTK opened at $53.66 on Thursday. The firm has a market cap of $8.71 billion, a price-to-earnings ratio of 17.95, a PEG ratio of 1.23 and a beta of 0.67. The stock has a 50 day moving average of $53.68 and a 200-day moving average of $49.15. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $58.90.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). The firm had revenue of $569.40 million during the quarter. Kinetik had a net margin of 25.65% and a negative return on equity of 42.78%. The company’s revenue was up 22.7% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. On average, sell-side analysts predict that Kinetik Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Kinetik Company Profile

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure. The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.