Weiss Asset Management LP Purchases New Holdings in Kinetik Holdings Inc. $KNTK

by · The Markets Daily

Weiss Asset Management LP acquired a new position in Kinetik Holdings Inc. (NYSE:KNTK – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 25,000 shares of the company’s stock, valued at approximately $1,210,000.

Other large investors have also recently bought and sold shares of the company. Miller Howard Investments Inc. NY boosted its position in Kinetik by 69.4% in the 1st quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock valued at $7,083,000 after buying an additional 59,942 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after acquiring an additional 439,586 shares during the last quarter. HighTower Advisors LLC lifted its stake in shares of Kinetik by 33.1% during the fourth quarter. HighTower Advisors LLC now owns 102,906 shares of the company’s stock valued at $3,710,000 after acquiring an additional 25,574 shares during the period. WESPAC Advisors LLC bought a new position in Kinetik in the fourth quarter valued at about $789,000. Finally, Jennison Associates LLC increased its position in 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 purchasing an additional 66,992 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Insider Buying and Selling at Kinetik

In related 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 transaction of $27,006,173.28. Following the completion of the transaction, the insider directly 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 hyperlink. 3.56% of the stock is owned by corporate insiders.

Kinetik Price Performance

NYSE:KNTK opened at $48.88 on Tuesday. The business’s 50-day simple moving average is $48.21 and its 200-day simple moving average is $45.86. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $52.54. The stock has a market capitalization of $7.94 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 2.39 and a beta of 0.56.

Kinetik (NYSE:KNTK – Get Free Report) 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 net margin of 28.58% and a negative return on equity of 36.36%. The company had revenue of $409.98 million during the quarter. During the same quarter in the prior year, the firm posted $0.05 earnings per share. The business’s quarterly revenue was down 7.5% on a year-over-year basis. On average, research analysts expect that Kinetik Holdings Inc. will post 0.68 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wall Street Zen downgraded shares of Kinetik from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 17th. Jefferies Financial Group reiterated a “hold” rating and issued a $51.00 price target on shares of Kinetik in a research report on Friday, May 8th. Mizuho lifted their price objective on shares of Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Tudor Pickering assumed coverage on shares of Kinetik in a research note on Monday, July 20th. They issued a “buy” rating and a $57.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their price target 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 research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.50.

Check Out Our Latest Stock Report on KNTK

About Kinetik

(Free Report)

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.

Further Reading

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