Kinetik Holdings Inc. $KNTK Stake Lifted by Cohen & Steers Inc.

Cohen & Steers Inc. increased its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 82.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,843,506 shares of the company’s stock after buying an additional 833,224 shares during the quarter. Cohen & Steers Inc. owned about 1.14% of Kinetik worth $66,458,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board bought a new position in Kinetik during the 3rd quarter worth $7,277,000. Principal Financial Group Inc. acquired a new position in Kinetik during the 3rd quarter worth $9,017,000. Advisors Capital Management LLC boosted its position in Kinetik by 4.3% during the 3rd quarter. Advisors Capital Management LLC now owns 632,387 shares of the company’s stock worth $27,028,000 after acquiring an additional 26,103 shares during the period. Vanguard Group Inc. boosted its position 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 acquiring an additional 439,586 shares during the period. Finally, SageView Advisory Group LLC acquired a new position in Kinetik during the 3rd quarter worth $1,606,000. 21.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Barclays set a $50.00 price target on Kinetik and gave the stock an “equal weight” rating in a research report on Thursday, May 14th. Royal Bank Of Canada boosted their price target on Kinetik from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Friday, June 5th. Truist Financial assumed coverage on Kinetik in a research report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price target for the company. Mizuho boosted their price target on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Finally, Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Thursday, March 26th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $49.17.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction 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. The trade was a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 1,071,107 shares of company stock worth $53,172,463 over the last quarter. 3.56% of the stock is owned by insiders.

Kinetik Stock Up 0.4%

Shares of Kinetik stock opened at $47.41 on Friday. The stock’s fifty day moving average is $47.82 and its 200-day moving average is $42.93. The firm has a market capitalization of $7.70 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 2.44 and a beta of 0.57. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $51.51.

Kinetik (NYSE:KNTK) last announced its 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). The company had revenue of $409.98 million for the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.05 earnings per share. Analysts expect that Kinetik Holdings Inc. will post 0.62 EPS for the current 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.