Vanguard Group Inc. Acquires 416,147 Shares of Kinetik Holdings Inc. $KNTK

Vanguard Group Inc. grew its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 9.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,657,200 shares of the company’s stock after buying an additional 416,147 shares during the period. Vanguard Group Inc. owned approximately 2.88% of Kinetik worth $199,049,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Fifth Third Bancorp boosted its stake in Kinetik by 269.2% during the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after acquiring an additional 1,144 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Kinetik by 3.0% during the 3rd 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. HighTower Advisors LLC boosted its position in shares of Kinetik by 21.4% during the 3rd quarter. HighTower Advisors LLC now owns 77,332 shares of the company’s stock worth $3,305,000 after purchasing an additional 13,627 shares in the last quarter. Public Sector Pension Investment Board bought a new stake in Kinetik in the 3rd quarter valued at about $7,277,000. Finally, Illinois Municipal Retirement Fund acquired a new position in Kinetik during the 3rd quarter worth approximately $847,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Down 3.3%

Shares of Kinetik stock opened at $45.45 on Monday. The business’s fifty day simple moving average is $39.56 and its 200 day simple moving average is $38.86. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $59.74. The firm has a market capitalization of $7.34 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 1.11 and a beta of 0.69.

Kinetik (NYSE:KNTK) last announced its 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 firm had revenue of $430.42 million during 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 earned $0.01 earnings per share.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Zacks Research cut Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Raymond James Financial set a $46.00 price objective on shares of Kinetik in a report on Monday, January 5th. Jefferies Financial Group lowered shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a research note on Friday, February 6th. The Goldman Sachs Group decreased their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Finally, Citigroup cut their price target on Kinetik from $55.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, November 21st. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $44.73.

Insider Buying and Selling

In other Kinetik news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $36.05, for a total value of $291,392.15. Following the sale, the insider owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. The trade was a 1.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.83% 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.