Axxcess Wealth Management LLC Makes New Investment in Kinetik Holdings Inc. $KNTK

Axxcess Wealth Management LLC acquired a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 15,955 shares of the company’s stock, valued at approximately $772,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Kinetik by 9.4% in the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after purchasing an additional 439,586 shares during the last quarter. Zimmer Partners LP acquired a new stake in shares of Kinetik in the 4th quarter valued at $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Kinetik by 1.7% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after buying an additional 30,600 shares during the period. Cohen & Steers Inc. raised its position in shares of Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after acquiring an additional 833,224 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Kinetik by 22.4% during the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after acquiring an additional 325,251 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on KNTK shares. Weiss Ratings upgraded shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday. Truist Financial assumed coverage on shares of Kinetik in a report on Tuesday, March 24th. They issued a “buy” rating and a $53.00 price objective on the stock. Jefferies Financial Group reaffirmed a “hold” rating and issued a $51.00 price objective on shares of Kinetik in a research note on Friday, May 8th. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 26th. Finally, UBS Group cut their price target on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.17.

Kinetik Stock Down 1.4%

Shares of KNTK stock opened at $48.23 on Friday. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $51.51. The company’s fifty day simple moving average is $48.04 and its 200-day simple moving average is $44.64. The firm has a market cap of $7.83 billion, a PE ratio of 19.69, a P/E/G ratio of 2.52 and a beta of 0.56.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The company’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 earnings per share. On average, equities analysts predict that Kinetik Holdings Inc. will post 0.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 1,071,107 shares of company stock worth $53,172,463. 3.56% of the stock is currently owned by insiders.

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.