Kinetik Holdings Inc. $KNTK Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp lifted its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 596.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,863 shares of the company’s stock after buying an additional 12,730 shares during the period. Fifth Third Bancorp’s holdings in Kinetik were worth $720,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of KNTK. CWM LLC grew its holdings in shares of Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Kinetik during the 4th quarter valued at approximately $33,000. Los Angeles Capital Management LLC acquired a new position in Kinetik during the 4th quarter valued at approximately $40,000. Finally, Huntington National Bank grew its stake in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after buying an additional 711 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Mizuho raised their target price on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Royal Bank Of Canada restated an “outperform” rating and set a $56.00 price target on shares of Kinetik in a research report on Tuesday, July 21st. Weiss Ratings raised shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 6th. Tudor Pickering initiated coverage on shares of Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective on the stock. Finally, US Capital Advisors raised shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.50.

Kinetik Price Performance

Shares of Kinetik stock opened at $48.88 on Tuesday. The business’s fifty day moving average price is $48.21 and its two-hundred day moving average price is $45.86. The company has a market capitalization of $7.94 billion, a P/E ratio of 19.95, a PEG ratio of 2.39 and a beta of 0.56. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $52.54.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business had revenue of $409.98 million for the quarter. During the same period in the previous year, the business earned $0.05 EPS. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year. On average, research analysts expect that Kinetik Holdings Inc. will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.56% of the stock is currently owned by corporate insiders.

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.