33,538 Shares in Kinetik Holdings Inc. $KNTK Purchased by Caxton Associates LLP

Caxton Associates LLP purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 33,538 shares of the company’s stock, valued at approximately $1,477,000.

Several other institutional investors have also added to or reduced their stakes in KNTK. Zimmer Partners LP purchased a new position in shares of Kinetik during the first quarter valued at approximately $102,124,000. Geode Capital Management LLC raised its holdings in shares of Kinetik by 8.2% in the second quarter. Geode Capital Management LLC now owns 967,950 shares of the company’s stock worth $42,643,000 after buying an additional 73,665 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of Kinetik by 32.0% during the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company’s stock worth $34,315,000 after acquiring an additional 189,000 shares during the last quarter. Bank of America Corp DE boosted its holdings in Kinetik by 109.7% during the 2nd quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock valued at $34,196,000 after acquiring an additional 406,160 shares during the period. Finally, Chickasaw Capital Management LLC grew its position in Kinetik by 7.7% in the 2nd quarter. Chickasaw Capital Management LLC now owns 670,344 shares of the company’s stock valued at $29,529,000 after acquiring an additional 47,956 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on KNTK. Scotiabank lowered their target price on shares of Kinetik from $51.00 to $45.00 and set a “sector outperform” rating for the company in a research note on Thursday, November 13th. Barclays decreased their price objective on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Wolfe Research restated an “outperform” rating and issued a $42.00 target price on shares of Kinetik in a research note on Friday, November 7th. Mizuho set a $48.00 price target on shares of Kinetik in a research note on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.27.

Kinetik Stock Down 2.2%

Kinetik stock opened at $35.64 on Tuesday. The firm has a market cap of $5.76 billion, a P/E ratio of 84.86, a P/E/G ratio of 1.99 and a beta of 0.78. The business has a fifty day moving average of $36.08 and a two-hundred day moving average of $40.25. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $67.60.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.20). The company had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The company’s revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 earnings per share.

Insider Buying and Selling at Kinetik

In other news, insider Jamie Welch acquired 8,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $34.57 per share, with a total value of $276,560.00. Following the transaction, the insider directly owned 3,687,791 shares in the company, valued at approximately $127,486,934.87. This represents a 0.22% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.83% of the company’s stock.

Kinetik Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.