HighTower Advisors LLC Increases Stake in Kinetik Holdings Inc. $KNTK

HighTower Advisors LLC increased its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 33.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 102,906 shares of the company’s stock after purchasing an additional 25,574 shares during the period. HighTower Advisors LLC’s holdings in Kinetik were worth $3,710,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. increased its stake in shares of Kinetik by 0.4% during the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock valued at $3,926,000 after buying an additional 346 shares during the period. CWM LLC grew its stake in Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares during the last quarter. Signaturefd LLC grew its stake in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after purchasing an additional 404 shares during the last quarter. Aquatic Capital Management LLC grew its stake in Kinetik by 0.8% in the third quarter. Aquatic Capital Management LLC now owns 61,058 shares of the company’s stock valued at $2,610,000 after purchasing an additional 479 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after purchasing an additional 522 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of NYSE KNTK opened at $45.91 on Friday. The company has a market cap of $7.45 billion, a PE ratio of 18.74, a P/E/G ratio of 1.91 and a beta of 0.61. The business has a 50-day simple moving average of $48.03 and a two-hundred day simple moving average of $42.03. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $51.51.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business’s quarterly revenue was down 7.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.05 earnings per share. On average, sell-side analysts predict that Kinetik Holdings Inc. will post 0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Steven Stellato sold 2,907 shares of Kinetik stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the completion of the sale, the insider owned 393,382 shares of the company’s stock, valued at $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Matthew Wall sold 3,222 shares of Kinetik stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $151,176.24. Following the sale, the insider directly owned 585,556 shares of the company’s stock, valued at $27,474,287.52. This trade represents a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,078,855 shares of company stock worth $53,535,999 in the last three months. Insiders own 3.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on KNTK. Wall Street Zen lowered Kinetik from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 17th. UBS Group cut their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Mizuho lifted their target price on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Weiss Ratings lowered Kinetik from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company upgraded Kinetik from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $47.00 to $52.00 in a research note on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $48.92.

Kinetik Company 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.