NewEdge Advisors LLC Invests $1.98 Million in Kinetik Holdings Inc. $KNTK

NewEdge Advisors LLC purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the 1st quarter, Holdings Channel reports. The fund purchased 40,918 shares of the company’s stock, valued at approximately $1,981,000.

Several other hedge funds have also added to or reduced their stakes in the company. Amundi increased its position in Kinetik by 48.7% in the first quarter. Amundi now owns 17,645 shares of the company’s stock worth $854,000 after purchasing an additional 5,775 shares during the period. California State Teachers Retirement System lifted its position in Kinetik by 31.0% during the 1st quarter. California State Teachers Retirement System now owns 58,667 shares of the company’s stock valued at $2,840,000 after purchasing an additional 13,894 shares during the period. Empowered Funds LLC acquired a new position in Kinetik during the 1st quarter valued at about $1,432,000. The Manufacturers Life Insurance Company boosted its stake in shares of Kinetik by 6.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 74,292 shares of the company’s stock valued at $3,596,000 after purchasing an additional 4,693 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Kinetik by 240.5% in the 1st quarter. Quantinno Capital Management LP now owns 102,047 shares of the company’s stock valued at $4,940,000 after purchasing an additional 72,077 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 0.8%

KNTK stock opened at $50.42 on Friday. The business’s 50-day moving average price is $48.20 and its two-hundred day moving average price is $46.18. The firm has a market cap of $8.19 billion, a PE ratio of 20.58, a P/E/G ratio of 1.98 and a beta of 0.56. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $52.54.

Kinetik (NYSE:KNTK) last posted its 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 net margin of 28.58% and a negative return on equity of 36.36%. The business had revenue of $409.98 million during the quarter. During the same period last year, the firm posted $0.05 earnings per share. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. On average, analysts forecast that Kinetik Holdings Inc. will post 0.81 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on KNTK. Scotiabank reissued an “outperform” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Mizuho increased their price objective on shares of Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Zacks Research raised shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Tudor Pickering assumed coverage on shares of Kinetik in a report on Monday, July 20th. They set a “buy” rating and a $57.00 target price for the company. Finally, Wall Street Zen cut shares of Kinetik from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 17th. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.40.

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.