Vanguard Group Inc. Purchases 439,586 Shares of Kinetik Holdings Inc. $KNTK

Vanguard Group Inc. grew its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 9.4% in the fourth quarter, Holdings Channel reports. The fund owned 5,096,786 shares of the company’s stock after buying an additional 439,586 shares during the quarter. Vanguard Group Inc.’s holdings in Kinetik were worth $183,739,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Public Sector Pension Investment Board bought a new position in shares of Kinetik during the 3rd quarter valued at approximately $7,277,000. Principal Financial Group Inc. bought a new position in shares of Kinetik during the 3rd quarter valued at approximately $9,017,000. Advisors Capital Management LLC boosted its position in shares of Kinetik by 4.3% during the 3rd quarter. Advisors Capital Management LLC now owns 632,387 shares of the company’s stock valued at $27,028,000 after acquiring an additional 26,103 shares during the last quarter. Eagle Global Advisors LLC boosted its position in shares of Kinetik by 70.7% during the 3rd quarter. Eagle Global Advisors LLC now owns 449,980 shares of the company’s stock valued at $19,232,000 after acquiring an additional 186,444 shares during the last quarter. Finally, SageView Advisory Group LLC purchased a new stake in Kinetik during the 3rd quarter valued at $1,606,000. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research report on Tuesday, April 21st. Scotiabank raised their price target on Kinetik from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, March 17th. Barclays raised their price target on Kinetik from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, April 10th. Wells Fargo & Company upgraded Kinetik from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $47.00 to $52.00 in a research report on Wednesday, March 25th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $50.00 price target (up from $49.00) on shares of Kinetik in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and an average target price of $48.42.

Kinetik Stock Down 0.3%

KNTK stock opened at $47.41 on Monday. The business’s fifty day simple moving average is $46.84 and its two-hundred day simple moving average is $40.77. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $51.11. The firm has a market cap of $7.69 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 1.49 and a beta of 0.61.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 38.92% and a net margin of 28.58%.The business had revenue of $409.98 million during the quarter. During the same quarter last year, the firm posted $0.05 EPS. The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. Research analysts expect that Kinetik Holdings Inc. will post 1.02 EPS for the current year.

Insiders Place Their Bets

In other Kinetik news, insider Steven Stellato sold 2,907 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the sale, the insider owned 393,382 shares in the company, valued at $18,457,483.44. This trade represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Matthew Wall sold 3,222 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the sale, the insider owned 585,556 shares in the company, valued at approximately $27,474,287.52. The trade was a 0.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 5,078,855 shares of company stock worth $232,935,999. 3.56% of the stock is currently owned by company insiders.

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.