258,622 Shares in Kinetik Holdings Inc. $KNTK Bought by Infrastructure Capital Advisors LLC

Infrastructure Capital Advisors LLC bought a new position in Kinetik Holdings Inc. (NYSE:KNTK) during the fourth quarter, HoldingsChannel reports. The fund bought 258,622 shares of the company’s stock, valued at approximately $9,323,000. Kinetik accounts for 0.9% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 25th biggest position.

Other institutional investors also recently bought and sold shares of the company. CWM LLC raised its holdings in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares during the period. Signaturefd LLC raised its holdings in Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares during the period. Kestra Advisory Services LLC bought a new position in Kinetik in the 4th quarter worth $33,000. Los Angeles Capital Management LLC bought a new position in Kinetik in the 4th quarter worth $40,000. Finally, Huntington National Bank raised its holdings in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares during the period. 21.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Barclays set a $50.00 price target on Kinetik and gave the stock an “equal weight” rating in a research note on Thursday, May 14th. Weiss Ratings upgraded Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Wells Fargo & Company upgraded Kinetik from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $47.00 to $52.00 in a research note on Wednesday, March 25th. Truist Financial assumed coverage on Kinetik in a research note on Tuesday, March 24th. They issued a “buy” rating and a $53.00 price target for the company. Finally, Scotiabank reiterated an “outperform” rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.17.

Kinetik Stock Performance

Shares of KNTK stock opened at $45.68 on Thursday. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $51.51. The firm has a market capitalization of $7.42 billion, a PE ratio of 18.64, a PEG ratio of 2.34 and a beta of 0.57. The stock has a fifty day simple moving average of $47.75 and a two-hundred day simple moving average of $43.26.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business had revenue of $409.98 million during the quarter. During the same period in the previous year, the firm earned $0.05 EPS. The business’s quarterly revenue was down 7.5% compared to the same quarter last year. On average, sell-side analysts forecast that Kinetik Holdings Inc. will post 0.62 EPS for the current fiscal year.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the completion of the transaction, the insider owned 428,894 shares in the company, valued at $21,667,724.88. This trade represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 1,071,107 shares of company stock worth $53,172,463 in the last ninety days. Company insiders own 3.56% of the company’s stock.

About Kinetik

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.