BROOKFIELD Corp ON Trims Stake in Kinetik Holdings Inc. $KNTK

BROOKFIELD Corp ON reduced its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 10.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 285,789 shares of the company’s stock after selling 34,184 shares during the quarter. BROOKFIELD Corp ON’s holdings in Kinetik were worth $13,835,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. ProShare Advisors LLC grew its holdings in Kinetik by 3.5% during the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock valued at $311,000 after purchasing an additional 294 shares during the period. Maryland State Retirement & Pension System raised its stake in shares of Kinetik by 5.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock worth $238,000 after buying an additional 337 shares during the period. Federated Hermes Inc. raised its stake in shares of Kinetik by 0.4% in the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after buying an additional 346 shares during the period. CWM LLC lifted its position in shares of 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. Finally, Captrust Financial Advisors lifted its position in shares of Kinetik by 4.9% during the 4th quarter. Captrust Financial Advisors now owns 8,420 shares of the company’s stock valued at $304,000 after buying an additional 390 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Citigroup reissued a “buy” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Jefferies Financial Group reaffirmed a “hold” rating and set a $51.00 price target on shares of Kinetik in a report on Friday, May 8th. Weiss Ratings upgraded shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 6th. Scotiabank reissued an “outperform” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Finally, Wall Street Zen downgraded shares of Kinetik from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.50.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the completion of the sale, the insider directly owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This trade represents a 55.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 910,039 shares of company stock worth $45,417,170. Company insiders own 3.56% of the company’s stock.

Kinetik Trading Up 0.1%

NYSE:KNTK opened at $50.46 on Monday. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $52.54. The stock has a 50-day moving average price of $48.25 and a 200 day moving average price of $45.77. The stock has a market capitalization of $8.19 billion, a P/E ratio of 20.60, a P/E/G ratio of 2.39 and a beta of 0.56.

Kinetik (NYSE:KNTK) last issued its 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). Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The business had revenue of $409.98 million for the quarter. During the same quarter in the previous year, the business earned $0.05 earnings per share. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. On average, research analysts predict that Kinetik Holdings Inc. will post 0.68 earnings per share for the current fiscal year.

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.