Apollon Wealth Management LLC Purchases New Holdings in Kinetik Holdings Inc. $KNTK

Apollon Wealth Management LLC acquired a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 5,602 shares of the company’s stock, valued at approximately $247,000.

A number of other institutional investors and hedge funds have also made changes to their positions in KNTK. KLP Kapitalforvaltning AS lifted its holdings in shares of Kinetik by 13.1% during the second quarter. KLP Kapitalforvaltning AS now owns 16,400 shares of the company’s stock valued at $722,000 after purchasing an additional 1,900 shares during the last quarter. Hardy Reed LLC purchased a new position in Kinetik during the second quarter valued at $296,000. Chung Wu Investment Group LLC bought a new stake in Kinetik in the second quarter worth $56,000. Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Kinetik in the second quarter worth $1,427,000. Finally, Eagle Global Advisors LLC increased its holdings in shares of Kinetik by 98.7% during the second quarter. Eagle Global Advisors LLC now owns 263,536 shares of the company’s stock valued at $11,609,000 after acquiring an additional 130,899 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

NYSE KNTK opened at $35.79 on Friday. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of 48.36, a PEG ratio of 0.89 and a beta of 3.11. Kinetik Holdings Inc. has a 1-year low of $35.74 and a 1-year high of $67.60. The business’s fifty day moving average price is $41.17 and its 200-day moving average price is $42.47.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The company had revenue of $426.74 million during the quarter. During the same quarter last year, the company posted $0.54 EPS. The firm’s revenue was up 18.7% compared to the same quarter last year.

Insider Activity at Kinetik

In other Kinetik news, insider Jamie Welch acquired 5,000 shares of the stock in a transaction dated Thursday, October 2nd. The shares were purchased at an average price of $39.13 per share, for a total transaction of $195,650.00. Following the purchase, the insider directly owned 3,676,399 shares of the company’s stock, valued at approximately $143,857,492.87. This trade represents a 0.14% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 3.83% of the stock is owned by insiders.

Analyst Ratings Changes

KNTK has been the topic of a number of analyst reports. Barclays dropped their price target on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Scotiabank set a $51.00 target price on shares of Kinetik and gave the stock a “sector outperform” rating in a research note on Friday. The Goldman Sachs Group set a $46.00 price target on shares of Kinetik in a report on Tuesday. Mizuho set a $53.00 price objective on shares of Kinetik and gave the stock an “outperform” rating in a report on Friday, August 29th. Finally, Wall Street Zen downgraded Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.44.

Kinetik Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.