Cohen & Steers Inc. Has $66.46 Million Stock Position in Kinetik Holdings Inc. $KNTK

Cohen & Steers Inc. boosted its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 82.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,843,506 shares of the company’s stock after buying an additional 833,224 shares during the period. Cohen & Steers Inc.’s holdings in Kinetik were worth $66,458,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. ProShare Advisors LLC boosted its position in shares of Kinetik by 3.5% during the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after buying an additional 294 shares during the period. Federated Hermes Inc. boosted its position in shares of Kinetik by 0.4% during the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after buying an additional 346 shares during the period. CWM LLC raised its holdings in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after acquiring an additional 352 shares in the last quarter. Signaturefd LLC raised its holdings in Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after acquiring an additional 404 shares in the last quarter. Finally, Aquatic Capital Management LLC raised its holdings in Kinetik by 0.8% during the third quarter. Aquatic Capital Management LLC now owns 61,058 shares of the company’s stock worth $2,610,000 after acquiring an additional 479 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Kinetik

In other 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 stock was 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 of the company’s stock, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 1,071,107 shares of company stock valued at $53,172,463 over the last 90 days. 3.56% of the stock is currently owned by corporate insiders.

Kinetik Stock Up 0.4%

Shares of NYSE KNTK opened at $47.41 on Friday. The business’s 50 day moving average price is $47.82 and its two-hundred day moving average price is $42.93. The company has a market cap of $7.70 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 2.44 and a beta of 0.57. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $51.51.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.23). Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The firm had revenue of $409.98 million during the quarter. During the same quarter last year, the firm earned $0.05 earnings per share. The company’s revenue was down 7.5% compared to the same quarter last year. As a group, research analysts anticipate that Kinetik Holdings Inc. will post 0.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on KNTK shares. Truist Financial started coverage on Kinetik in a report on Tuesday, March 24th. They set a “buy” rating and a $53.00 target price on the stock. US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Weiss Ratings upgraded Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. UBS Group dropped their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. Finally, Wall Street Zen downgraded Kinetik from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.17.

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.