Sei Investments Co. increased its stake in Kinetik Holdings Inc. (NYSE:KNTK – Free Report) by 115.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 32,895 shares of the company’s stock after purchasing an additional 17,641 shares during the period. Sei Investments Co.’s holdings in Kinetik were worth $1,592,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Cetera Investment Advisers lifted its position in Kinetik by 33.4% during the first quarter. Cetera Investment Advisers now owns 37,901 shares of the company’s stock worth $1,835,000 after purchasing an additional 9,492 shares during the period. Dimensional Fund Advisors LP increased its holdings in Kinetik by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock valued at $33,285,000 after buying an additional 8,513 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Kinetik in the 1st quarter valued at approximately $140,000. Bank of New York Mellon Corp lifted its holdings in shares of Kinetik by 3.7% during the 1st quarter. Bank of New York Mellon Corp now owns 317,342 shares of the company’s stock worth $15,363,000 after acquiring an additional 11,435 shares during the period. Finally, Sanctuary Advisors LLC lifted its holdings in shares of Kinetik by 9.9% during the 1st quarter. Sanctuary Advisors LLC now owns 8,444 shares of the company’s stock worth $409,000 after acquiring an additional 762 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the stock. Scotiabank reissued an “outperform” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Zacks Research upgraded Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Morgan Stanley set a $64.00 target price on Kinetik and gave the company an “overweight” rating in a report on Wednesday, July 29th. Weiss Ratings raised Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 6th. Finally, US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus target price of $52.20.
Insider Activity at Kinetik
In other news, major shareholder Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $50.24, for a total transaction of $1,333,872.00. Following the sale, the insider directly owned 1,664,820 shares of the company’s stock, valued at approximately $83,640,556.80. This trade represents a 1.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 264,074 shares of company stock worth $13,332,540 over the last quarter. Company insiders own 3.56% of the company’s stock.
Kinetik Stock Performance
Shares of KNTK opened at $51.26 on Tuesday. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $52.54. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 18.57, a PEG ratio of 1.94 and a beta of 0.56. The stock has a fifty day moving average of $48.43 and a 200-day moving average of $46.73.
Kinetik (NYSE:KNTK – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same quarter in the previous year, the company posted $0.33 EPS. Kinetik’s quarterly revenue was up 36.3% compared to the same quarter last year. As a group, equities analysts forecast that Kinetik Holdings Inc. will post 0.81 EPS for the current year.
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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