Jefferies Financial Group Inc. Reduces Holdings in Kinetik Holdings Inc. $KNTK

Jefferies Financial Group Inc. trimmed its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 34.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,600 shares of the company’s stock after selling 14,112 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Kinetik were worth $1,137,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. RR Advisors LLC bought a new position in Kinetik in the second quarter worth approximately $22,471,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Kinetik in the 2nd quarter worth $22,025,000. Chickasaw Capital Management LLC raised its holdings in Kinetik by 63.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after purchasing an additional 428,103 shares during the period. Vanguard Group Inc. lifted its position in Kinetik by 9.8% during the third quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company’s stock valued at $199,049,000 after purchasing an additional 416,147 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in Kinetik by 109.7% during the second quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock valued at $34,196,000 after purchasing an additional 406,160 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Kinetik

In related news, insider Matthew Wall sold 3,222 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the transaction, the insider directly owned 585,556 shares of the company’s stock, valued at approximately $27,474,287.52. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the completion of the sale, the insider owned 393,382 shares in the company, valued at $18,457,483.44. This represents a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 4,015,831 shares of company stock worth $180,054,928. 3.83% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on KNTK shares. Scotiabank raised their price objective on Kinetik from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a research note on Thursday, March 5th. The Goldman Sachs Group reduced their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a report on Monday, November 17th. Citigroup raised their target price on shares of Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Barclays lifted their price target on shares of Kinetik from $40.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, March 5th. Finally, Wells Fargo & Company upped their price target on shares of Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Kinetik presently has an average rating of “Hold” and a consensus target price of $45.82.

Kinetik Stock Down 1.9%

Shares of Kinetik stock opened at $45.26 on Friday. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $54.94. The business has a 50-day moving average price of $41.38 and a 200-day moving average price of $39.22. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 1.28 and a beta of 0.70.

Kinetik (NYSE:KNTK) last posted its earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The company had revenue of $430.42 million for the quarter. During the same quarter in the prior year, the firm posted $0.01 earnings per share. Kinetik’s quarterly revenue was up 11.5% on a year-over-year basis.

Kinetik 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.