40,918 Shares in Kinetik Holdings Inc. $KNTK Acquired by NewEdge Advisors LLC

NewEdge Advisors LLC acquired a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 40,918 shares of the company’s stock, valued at approximately $1,981,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Kinetik by 9.4% during the 4th 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 during the last quarter. Zimmer Partners LP purchased a new stake in shares of Kinetik during the fourth quarter worth $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Kinetik by 1.7% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after buying an additional 30,600 shares during the last quarter. Cohen & Steers Inc. raised its position in shares of Kinetik by 82.5% in the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after buying an additional 833,224 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Kinetik by 22.4% in the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after buying an additional 325,251 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on KNTK shares. Scotiabank restated an “outperform” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. JPMorgan Chase & Co. increased their price objective on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Barclays set a $51.00 target price on shares of Kinetik and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Zacks Research upgraded Kinetik from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $51.00 price target on shares of Kinetik in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.87.

Insiders Place Their Bets

In related news, Director Deborah L. Byers sold 2,739 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $51.51, for a total transaction of $141,085.89. Following the completion of the sale, the director directly owned 24,389 shares of the company’s stock, valued at approximately $1,256,277.39. This trade represents a 10.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the completion of the sale, the insider owned 1,691,370 shares in the company, valued at approximately $85,448,012.40. This trade represents a 12.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 577,504 shares of company stock valued at $29,504,652. Company insiders own 3.56% of the company’s stock.

Kinetik Stock Performance

KNTK opened at $53.32 on Friday. The stock has a market capitalization of $8.66 billion, a PE ratio of 19.32, a P/E/G ratio of 1.70 and a beta of 0.56. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $54.12. The business’s 50 day moving average price is $48.92 and its 200 day moving average price is $47.03.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The company had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. During the same quarter last year, the firm earned $0.33 earnings per share. The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. As a group, equities research analysts forecast that Kinetik Holdings Inc. will post 0.97 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.