Kinetik Holdings Inc. $KNTK Shares Purchased by Barnett & Company Inc.

Barnett & Company Inc. raised its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 398.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,600 shares of the company’s stock after acquiring an additional 32,460 shares during the period. Kinetik accounts for about 1.5% of Barnett & Company Inc.’s investment portfolio, making the stock its 22nd biggest holding. Barnett & Company Inc.’s holdings in Kinetik were worth $1,965,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in KNTK. Vanguard Group Inc. grew its stake in shares of Kinetik by 9.4% in the fourth 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 in the last quarter. Miller Howard Investments Inc. NY raised its stake in shares of Kinetik by 69.4% during the first quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock valued at $7,083,000 after purchasing an additional 59,942 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Kinetik by 33.1% during the fourth quarter. HighTower Advisors LLC now owns 102,906 shares of the company’s stock valued at $3,710,000 after purchasing an additional 25,574 shares in the last quarter. WESPAC Advisors LLC acquired a new stake in Kinetik in the fourth quarter worth about $789,000. Finally, Crawford Investment Counsel Inc. lifted its holdings in Kinetik by 10.2% in the third quarter. Crawford Investment Counsel Inc. now owns 309,175 shares of the company’s stock worth $13,214,000 after purchasing an additional 28,648 shares during the period. 21.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Citigroup reissued a “buy” rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 26th. Weiss Ratings raised Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday. UBS Group cut their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. Finally, Royal Bank Of Canada increased their price target on Kinetik from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Friday, June 5th. Two equities research 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.17.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of Kinetik stock in a transaction on Thursday, April 30th. The stock was 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders sold 1,071,107 shares of company stock valued at $53,172,463. Insiders own 3.56% of the company’s stock.

Kinetik Price Performance

KNTK stock opened at $48.25 on Friday. The firm has a market cap of $7.83 billion, a PE ratio of 19.69, a P/E/G ratio of 2.49 and a beta of 0.56. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $51.51. The firm has a 50 day simple moving average of $48.01 and a 200 day simple moving average of $44.67.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business’s revenue was down 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 EPS. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 0.62 earnings per share for the current year.

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.