Weiss Asset Management LP bought a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK – Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 25,000 shares of the company’s stock, valued at approximately $1,210,000.
Several other hedge funds have also modified their holdings of the stock. Miller Howard Investments Inc. NY raised its holdings in Kinetik by 69.4% during the 1st quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock worth $7,083,000 after buying an additional 59,942 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after buying an additional 439,586 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Kinetik by 33.1% in the fourth quarter. HighTower Advisors LLC now owns 102,906 shares of the company’s stock worth $3,710,000 after buying an additional 25,574 shares during the period. WESPAC Advisors LLC purchased a new position in shares of Kinetik in the fourth quarter worth approximately $789,000. Finally, Jennison Associates LLC increased its position in shares of Kinetik by 33.0% in the fourth quarter. Jennison Associates LLC now owns 270,126 shares of the company’s stock worth $9,738,000 after acquiring an additional 66,992 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.
Kinetik Stock Performance
Shares of KNTK opened at $48.88 on Tuesday. The company has a 50-day simple moving average of $48.21 and a 200-day simple moving average of $45.86. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $52.54. The firm has a market capitalization of $7.94 billion, a P/E ratio of 19.95, a P/E/G ratio of 2.39 and a beta of 0.56.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on KNTK shares. Tudor Pickering began coverage on shares of Kinetik in a report on Monday, July 20th. They set a “buy” rating and a $57.00 price target on the stock. Jefferies Financial Group reissued a “hold” rating and issued a $51.00 price target on shares of Kinetik in a research report on Friday, May 8th. Barclays set a $50.00 price target on shares of Kinetik and gave the stock an “equal weight” rating in a report on Thursday, May 14th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $56.00 price objective on shares of Kinetik in a research note on Tuesday, July 21st. Finally, JPMorgan Chase & Co. increased their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $50.50.
Get Our Latest Analysis on KNTK
Insider Activity
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of Kinetik stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the transaction, the insider directly owned 428,894 shares of the company’s stock, valued at $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.56% of the stock is owned by corporate insiders.
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.
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