CIBC Private Wealth Group LLC Raises Stake in Kinetik Holdings Inc. $KNTK

CIBC Private Wealth Group LLC lifted its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 49.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 643,338 shares of the company’s stock after purchasing an additional 213,694 shares during the period. CIBC Private Wealth Group LLC’s holdings in Kinetik were worth $27,496,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in KNTK. Comerica Bank boosted its position in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after buying an additional 732 shares during the period. AQR Capital Management LLC increased its position in shares of Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after acquiring an additional 522 shares during the period. Millennium Management LLC increased its position in shares of Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after acquiring an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Kinetik by 27.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after acquiring an additional 17,034 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in shares of Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after acquiring an additional 2,766 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

KNTK stock opened at $46.59 on Friday. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $54.94. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 1.45 and a beta of 0.70. The firm has a 50-day simple moving average of $42.32 and a two-hundred day simple moving average of $39.35.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping the consensus estimate of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The firm had revenue of $430.42 million during the quarter. During the same quarter last year, the firm earned $0.01 EPS. The company’s revenue was up 11.5% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on KNTK. Raymond James Financial set a $46.00 price objective on Kinetik in a research note on Monday, January 5th. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 target price for the company. in a report on Friday, February 6th. Scotiabank increased their price target on Kinetik from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a research report on Tuesday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research note on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Kinetik has an average rating of “Hold” and a consensus price target of $46.27.

Insider Activity

In other news, insider Matthew Wall sold 8,083 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total transaction of $291,392.15. Following the completion of the sale, the insider owned 554,738 shares in the company, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Stellato sold 2,907 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the completion of the sale, the insider directly owned 393,382 shares of the company’s stock, valued at $18,457,483.44. The trade was a 0.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,015,831 shares of company stock valued at $180,054,928 over the last three months. Company insiders own 3.83% of the company’s stock.

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.