Vanguard Group Inc. Boosts Stock Holdings in Kinetik Holdings Inc. $KNTK

Vanguard Group Inc. boosted its position in Kinetik Holdings Inc. (NYSE:KNTK) by 9.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,657,200 shares of the company’s stock after purchasing an additional 416,147 shares during the period. Vanguard Group Inc.’s holdings in Kinetik were worth $199,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in KNTK. Fifth Third Bancorp grew its stake in shares of Kinetik by 269.2% during the 3rd quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after acquiring an additional 1,144 shares during the period. Comerica Bank boosted its position in Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after purchasing an additional 732 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Kinetik during the third quarter worth about $87,000. Strs Ohio bought a new stake in shares of Kinetik in the first quarter valued at approximately $93,000. Finally, Ameritas Investment Partners Inc. raised its position in shares of Kinetik by 16.8% in the second quarter. Ameritas Investment Partners Inc. now owns 4,526 shares of the company’s stock valued at $199,000 after purchasing an additional 650 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Down 3.3%

NYSE:KNTK opened at $45.45 on Monday. The stock has a market cap of $7.34 billion, a P/E ratio of 17.68, a PEG ratio of 1.11 and a beta of 0.69. The business’s 50-day moving average price is $39.56 and its two-hundred day moving average price is $38.86. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $59.74.

Kinetik (NYSE:KNTK) last announced its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business had revenue of $430.42 million for the quarter. During the same period in the prior year, the business earned $0.01 earnings per share. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Insider Buying and Selling at Kinetik

In other news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the completion of the sale, the insider directly owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. The trade was a 1.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on KNTK shares. Wells Fargo & Company boosted their target price on shares of Kinetik from $40.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Raymond James Financial set a $46.00 target price on Kinetik in a report on Monday, January 5th. Royal Bank Of Canada decreased their price target on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Finally, Wolfe Research lowered shares of Kinetik from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 27th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $44.73.

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.