Mutual Advisors LLC Buys Shares of 9,138 Kinetik Holdings Inc. $KNTK

Mutual Advisors LLC bought a new stake in Kinetik Holdings Inc. (NYSE:KNTK) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,138 shares of the company’s stock, valued at approximately $376,000.

Several other hedge funds have also recently made changes to their positions in KNTK. Zimmer Partners LP bought a new stake in shares of Kinetik in the first quarter valued at $102,124,000. HITE Hedge Asset Management LLC bought a new stake in shares of Kinetik in the first quarter valued at $18,608,000. Yaupon Capital Management LP bought a new stake in shares of Kinetik in the first quarter valued at $10,388,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Kinetik by 32.0% in the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company’s stock valued at $34,315,000 after buying an additional 189,000 shares during the period. Finally, Eagle Global Advisors LLC bought a new stake in shares of Kinetik in the first quarter valued at $6,889,000. 21.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Kinetik news, insider Jamie Welch bought 5,000 shares of Kinetik stock in a transaction that occurred on Thursday, October 2nd. The stock was acquired at an average cost of $39.13 per share, for a total transaction of $195,650.00. Following the completion of the transaction, the insider directly owned 3,676,399 shares in the company, valued at $143,857,492.87. This represents a 0.14% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 3.83% of the stock is currently owned by insiders.

Kinetik Stock Up 2.0%

Kinetik stock opened at $36.53 on Tuesday. Kinetik Holdings Inc. has a 52 week low of $35.74 and a 52 week high of $67.60. The business has a 50-day simple moving average of $41.09 and a 200 day simple moving average of $42.38. The stock has a market cap of $5.92 billion, a price-to-earnings ratio of 49.36, a PEG ratio of 0.89 and a beta of 3.11.

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on KNTK. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Barclays decreased their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. The Goldman Sachs Group set a $46.00 price objective on Kinetik in a research note on Tuesday, October 14th. Finally, Mizuho set a $53.00 price objective on Kinetik and gave the company an “outperform” rating in a research note on Friday, August 29th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and an average price target 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.