Jefferies Financial Group Inc. Cuts Stake in Kinetik Holdings Inc. $KNTK

Jefferies Financial Group Inc. reduced its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 34.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,600 shares of the company’s stock after selling 14,112 shares during the period. Jefferies Financial Group Inc.’s holdings in Kinetik were worth $1,137,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in KNTK. Vanguard Group Inc. boosted its stake in shares of Kinetik by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company’s stock valued at $199,049,000 after purchasing an additional 416,147 shares in the last quarter. Westwood Holdings Group Inc. raised its position in Kinetik by 4.6% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock worth $51,930,000 after purchasing an additional 52,058 shares during the period. Chickasaw Capital Management LLC lifted its stake in Kinetik by 63.9% in the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after purchasing an additional 428,103 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Kinetik by 26.9% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 988,400 shares of the company’s stock worth $42,244,000 after purchasing an additional 209,400 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Kinetik by 8.2% during the second quarter. Geode Capital Management LLC now owns 967,950 shares of the company’s stock valued at $42,643,000 after buying an additional 73,665 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the transaction, the insider directly owned 1 shares of the company’s stock, valued at $44.85. This represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Matthew Wall sold 8,083 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the transaction, the insider owned 554,738 shares in the company, valued at $19,998,304.90. This represents a 1.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 4,015,831 shares of company stock valued at $180,054,928. Insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

KNTK has been the topic of several analyst reports. Scotiabank lifted their price objective on Kinetik from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a report on Thursday, March 5th. Citigroup raised their price target on Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Wolfe Research cut Kinetik from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 27th. Wall Street Zen downgraded Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, March 8th. Finally, Barclays increased their price objective on Kinetik from $40.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, March 5th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $45.82.

Kinetik Stock Performance

KNTK stock opened at $45.26 on Friday. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $54.94. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 17.61, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The business’s 50 day moving average price is $41.38 and its two-hundred day moving average price is $39.22.

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 analysts’ consensus estimates of $0.15 by $2.01. The company had revenue of $430.42 million during the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company’s revenue was up 11.5% on a year-over-year basis. During the same period last year, the business earned $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.