Crawford Investment Counsel Inc. Purchases 28,648 Shares of Kinetik Holdings Inc. $KNTK

Crawford Investment Counsel Inc. boosted its position in Kinetik Holdings Inc. (NYSE:KNTK) by 10.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 309,175 shares of the company’s stock after purchasing an additional 28,648 shares during the period. Crawford Investment Counsel Inc. owned about 0.19% of Kinetik worth $13,214,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of KNTK. Aster Capital Management DIFC Ltd acquired a new position in Kinetik during the third quarter worth approximately $54,000. Fifth Third Bancorp lifted its position in shares of Kinetik by 269.2% in the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock valued at $67,000 after buying an additional 1,144 shares during the last quarter. Comerica Bank lifted its position in shares of Kinetik by 91.5% in the first 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 last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Kinetik during the 3rd quarter worth approximately $87,000. Finally, Strs Ohio bought a new position in shares of Kinetik during the 1st quarter worth approximately $93,000. Institutional investors own 21.11% of the company’s stock.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $44.85, for a total value of $179,400,000.00. Following the transaction, the insider directly owned 1 shares in the company, valued at approximately $44.85. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew Wall sold 3,222 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $151,176.24. Following the transaction, the insider directly owned 585,556 shares in the company, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,015,831 shares of company stock worth $180,054,928 over the last ninety days. Corporate insiders own 3.83% of the company’s stock.

Analyst Ratings Changes

KNTK has been the topic of a number of research analyst reports. The Goldman Sachs Group dropped their price target on Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Zacks Research downgraded shares of Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Citigroup increased their price objective on shares of Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Finally, Wells Fargo & Company raised their target price on shares of Kinetik from $44.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Friday. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.09.

Kinetik Trading Down 0.8%

Shares of NYSE KNTK opened at $44.79 on Friday. The firm has a market cap of $7.24 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 1.24 and a beta of 0.70. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $54.94. The business’s 50 day moving average is $41.55 and its 200-day moving average is $39.23.

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

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.