32,475 Shares in Kinetik Holdings Inc. $KNTK Acquired by Diversify Wealth Management LLC

Diversify Wealth Management LLC bought a new position in Kinetik Holdings Inc. (NYSE:KNTK) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 32,475 shares of the company’s stock, valued at approximately $1,612,000.

Other institutional investors also recently bought and sold shares of the company. CWM LLC grew its position in shares of Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares during the period. Signaturefd LLC increased its stake in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after purchasing an additional 404 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in Kinetik during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik during the fourth quarter worth about $40,000. Finally, Huntington National Bank boosted its stake 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 buying an additional 711 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KNTK has been the subject of several recent analyst reports. Wall Street Zen cut Kinetik from a “sell” rating to a “strong sell” rating in a report on Sunday, May 17th. Scotiabank reiterated an “outperform” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 26th. Citigroup reaffirmed a “buy” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Finally, US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.77.

Kinetik Trading Down 0.1%

Shares of KNTK stock opened at $50.46 on Wednesday. The company has a market cap of $8.19 billion, a PE ratio of 20.60, a P/E/G ratio of 2.61 and a beta of 0.56. The company’s fifty day simple moving average is $48.01 and its 200-day simple moving average is $44.94. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $51.51.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share 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 for the quarter. During the same period last year, the business posted $0.05 earnings per share. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. Equities research analysts expect 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 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 sale, the insider owned 428,894 shares in the company, valued at approximately $21,667,724.88. This trade represents a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 1,071,107 shares of company stock valued at $53,172,463 over the last ninety days. 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.