MFG Wealth Management Inc. Buys Shares of 27,560 Kinetik Holdings Inc. $KNTK

MFG Wealth Management Inc. bought a new position in Kinetik Holdings Inc. (NYSE:KNTK) in the 4th quarter, Holdings Channel.com reports. The fund bought 27,560 shares of the company’s stock, valued at approximately $994,000.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Kinetik by 569.6% during the 4th quarter. GAMMA Investing LLC now owns 1,761 shares of the company’s stock valued at $63,000 after purchasing an additional 1,498 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Kinetik by 3.0% in the third quarter. JPMorgan Chase & Co. now owns 56,484 shares of the company’s stock worth $2,414,000 after purchasing an additional 1,670 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new position in Kinetik during the third quarter worth $513,000. CIBC Private Wealth Group LLC raised its holdings in Kinetik by 49.7% during the third quarter. CIBC Private Wealth Group LLC now owns 643,338 shares of the company’s stock valued at $27,496,000 after buying an additional 213,694 shares in the last quarter. Finally, CIBC Bancorp USA Inc. bought a new position in Kinetik during the third quarter valued at about $202,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Insiders Place Their Bets

In other Kinetik news, insider Trevor Howard sold 1,619 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $75,963.48. Following the sale, the insider owned 249,795 shares of the company’s stock, valued at $11,720,381.40. This trade represents a 0.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Matthew Wall sold 3,222 shares of the firm’s stock in a transaction that occurred 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 sale, the insider directly owned 585,556 shares in the company, valued at $27,474,287.52. This trade represents a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,015,831 shares of company stock worth $180,054,928 in the last 90 days. 3.83% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Royal Bank Of Canada boosted their price target on Kinetik from $46.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 10th. Citigroup increased their price objective on Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Wolfe Research downgraded Kinetik from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 27th. Raymond James Financial set a $46.00 target price on Kinetik in a report on Monday, January 5th. Finally, UBS Group decreased their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $46.27.

Kinetik Price Performance

Kinetik stock opened at $45.87 on Friday. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $54.94. The firm has a fifty day moving average price of $42.50 and a two-hundred day moving average price of $39.37. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 1.47 and a beta of 0.70.

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

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.