Pictet Asset Management Holding SA Boosts Position in Kinetik Holdings Inc. $KNTK

Pictet Asset Management Holding SA boosted its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 107.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,652 shares of the company’s stock after buying an additional 189,065 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.23% of Kinetik worth $17,701,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in KNTK. CWM LLC increased its position in shares of Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after acquiring an additional 352 shares during the period. Signaturefd LLC grew its stake in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Kinetik during the 4th quarter worth $33,000. Los Angeles Capital Management LLC bought a new position in shares of Kinetik during the 4th quarter worth $40,000. Finally, Huntington National Bank increased its stake in shares of Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after buying an additional 711 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on KNTK shares. Truist Financial initiated coverage on Kinetik in a report on Tuesday, March 24th. They issued a “buy” rating and a $53.00 price objective for the company. Wall Street Zen downgraded shares of Kinetik from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 17th. Weiss Ratings lowered shares of Kinetik from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 18th. Royal Bank Of Canada upped their price target on shares of Kinetik from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Friday, June 5th. Finally, Mizuho increased their price objective on shares of Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.17.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of Kinetik stock in a transaction that occurred on 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 transaction, the insider owned 428,894 shares of the company’s stock, valued at $21,667,724.88. The trade was a 55.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 1,071,107 shares of company stock valued at $53,172,463. 3.56% of the stock is currently owned by company insiders.

Kinetik Price Performance

Shares of NYSE KNTK opened at $47.37 on Thursday. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $51.51. The business has a fifty day moving average price of $47.99 and a 200 day moving average price of $44.07. The stock has a market capitalization of $7.69 billion, a P/E ratio of 19.33, a price-to-earnings-growth ratio of 2.49 and a beta of 0.56.

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

About Kinetik

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.