NewEdge Advisors LLC Buys New Stake in Kinetik Holdings Inc. $KNTK

NewEdge Advisors LLC bought a new stake in Kinetik Holdings Inc. (NYSE:KNTK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 40,918 shares of the company’s stock, valued at approximately $1,981,000.

Other large investors also recently added to or reduced their stakes in the company. Amundi boosted its position in shares of Kinetik by 48.7% during the first quarter. Amundi now owns 17,645 shares of the company’s stock worth $854,000 after buying an additional 5,775 shares during the period. California State Teachers Retirement System lifted its stake in Kinetik by 31.0% during the 1st quarter. California State Teachers Retirement System now owns 58,667 shares of the company’s stock worth $2,840,000 after acquiring an additional 13,894 shares in the last quarter. Empowered Funds LLC acquired a new position in Kinetik during the 1st quarter worth about $1,432,000. The Manufacturers Life Insurance Company boosted its holdings in Kinetik by 6.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 74,292 shares of the company’s stock valued at $3,596,000 after acquiring an additional 4,693 shares during the period. Finally, Quantinno Capital Management LP boosted its holdings in Kinetik by 240.5% during the 1st quarter. Quantinno Capital Management LP now owns 102,047 shares of the company’s stock valued at $4,940,000 after acquiring an additional 72,077 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Price Performance

KNTK opened at $53.32 on Friday. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $54.12. The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 1.70 and a beta of 0.56. The business has a fifty day moving average price of $48.92 and a 200 day moving average price of $47.03.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate 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 revenue was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 EPS. On average, research analysts anticipate that Kinetik Holdings Inc. will post 0.97 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Barclays set a $51.00 price target on shares of Kinetik and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Scotiabank reissued an “outperform” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. US Capital Advisors raised shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Morgan Stanley set a $64.00 target price on shares of Kinetik and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $52.87.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the sale, the insider directly owned 1,691,370 shares in the company, valued at approximately $85,448,012.40. This represents a 12.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Deborah L. Byers sold 2,739 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.51, for a total transaction of $141,085.89. Following the completion of the sale, the director directly owned 24,389 shares in the company, valued at approximately $1,256,277.39. This trade represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 577,504 shares of company stock valued at $29,504,652. Corporate insiders own 3.56% of the company’s stock.

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.