SG Americas Securities LLC Buys 13,785 Shares of Kinetik Holdings Inc. $KNTK

SG Americas Securities LLC boosted its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 253.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,216 shares of the company’s stock after purchasing an additional 13,785 shares during the quarter. SG Americas Securities LLC’s holdings in Kinetik were worth $821,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Chung Wu Investment Group LLC acquired a new position in shares of Kinetik during the 2nd quarter worth about $56,000. Comerica Bank boosted its stake in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after acquiring an additional 732 shares during the last quarter. Rossby Financial LCC grew its holdings in Kinetik by 33.5% during the second quarter. Rossby Financial LCC now owns 2,006 shares of the company’s stock valued at $88,000 after purchasing an additional 503 shares during the period. Strs Ohio bought a new stake in Kinetik in the first quarter valued at approximately $93,000. Finally, Ameritas Investment Partners Inc. raised its holdings in Kinetik by 16.8% in the second quarter. Ameritas Investment Partners Inc. now owns 4,526 shares of the company’s stock worth $199,000 after purchasing an additional 650 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

KNTK opened at $38.71 on Wednesday. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $67.60. The company has a market capitalization of $6.26 billion, a P/E ratio of 92.17, a P/E/G ratio of 0.71 and a beta of 0.73. The stock has a fifty day moving average of $35.45 and a 200-day moving average of $38.85.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KNTK. Wolfe Research reissued an “outperform” rating and issued a $42.00 price target on shares of Kinetik in a report on Friday, November 7th. Scotiabank restated an “outperform” rating and issued a $48.00 price target on shares of Kinetik in a report on Friday. Barclays cut their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. Jefferies Financial Group began coverage on Kinetik in a research note on Tuesday, December 2nd. They set a “buy” rating and a $41.00 target price for the company. Finally, Citigroup cut their price target on shares of Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.82.

Insider Transactions at Kinetik

In other Kinetik news, insider Jamie Welch purchased 8,000 shares of Kinetik stock in a transaction that occurred on Monday, November 10th. The stock was acquired at an average price of $34.57 per share, with a total value of $276,560.00. Following the transaction, the insider owned 3,687,791 shares in the company, valued at $127,486,934.87. This trade represents a 0.22% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the sale, the insider directly owned 554,738 shares of the company’s stock, valued at $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.83% of the stock is owned by company insiders.

About Kinetik

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.