Kinetik Holdings Inc. $KNTK Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its holdings in Kinetik Holdings Inc. (NYSE:KNTK) by 107.1% in the first quarter, Holdings Channel reports. The firm owned 365,652 shares of the company’s stock after buying an additional 189,065 shares during the period. Pictet Asset Management Holding SA’s holdings in Kinetik were worth $17,701,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CWM LLC increased its position in Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares in the last quarter. Signaturefd LLC boosted its holdings in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after acquiring an additional 404 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Kinetik during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC purchased a new stake in shares of Kinetik during the fourth quarter worth about $40,000. Finally, Huntington National Bank increased its holdings in shares of Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after acquiring an additional 711 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Stock Down 2.0%

Shares of NYSE:KNTK opened at $47.37 on Thursday. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $51.51. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 2.49 and a beta of 0.56. The business has a 50-day moving average price of $47.99 and a 200-day moving average price of $44.07.

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

Insider Buying and Selling

In other 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 sale, the insider directly owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This represents a 55.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 1,071,107 shares of company stock worth $53,172,463. Insiders own 3.56% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on KNTK. Citigroup reaffirmed a “buy” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 26th. Barclays set a $50.00 price target on shares of Kinetik and gave the company an “equal weight” rating in a research note on Thursday, May 14th. Wells Fargo & Company upgraded shares of Kinetik from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $47.00 to $52.00 in a research note on Wednesday, March 25th. Finally, Royal Bank Of Canada boosted their price objective on shares of Kinetik from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Friday, June 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $49.17.

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.