M&G PLC Makes New Investment in Kinetik Holdings Inc. $KNTK

M&G PLC purchased a new position in Kinetik Holdings Inc. (NYSE:KNTK) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 261,924 shares of the company’s stock, valued at approximately $13,096,000.

Several other large investors also recently modified their holdings of the company. Pictet Asset Management Holding SA lifted its holdings in Kinetik by 6.8% in the third quarter. Pictet Asset Management Holding SA now owns 481,466 shares of the company’s stock valued at $24,170,000 after acquiring an additional 30,550 shares during the period. Alps Advisors Inc. boosted its position in Kinetik by 11.6% in the third quarter. Alps Advisors Inc. now owns 182,568 shares of the company’s stock worth $9,165,000 after purchasing an additional 18,949 shares during the last quarter. Arrow Investment Advisors LLC grew its stake in shares of Kinetik by 10.2% during the 3rd quarter. Arrow Investment Advisors LLC now owns 5,040 shares of the company’s stock valued at $253,000 after purchasing an additional 467 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Kinetik by 1.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 45,790 shares of the company’s stock valued at $2,299,000 after purchasing an additional 787 shares during the period. Finally, Covestor Ltd increased its position in shares of Kinetik by 13,233.3% during the 3rd quarter. Covestor Ltd now owns 2,000 shares of the company’s stock valued at $100,000 after purchasing an additional 1,985 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

KNTK has been the topic of several recent research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Kinetik in a research note on Wednesday, November 4th. Citigroup restated a “buy” rating and set a $55.00 target price (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. JPMorgan Chase & Co. upped their target price on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Wells Fargo & Company upped their target price on shares of Kinetik from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Monday. Finally, Zacks Research downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and a consensus target price of $56.36.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total value of $819,937.23. Following the completion of the sale, the insider directly owned 961,114 shares of the company’s stock, valued at approximately $52,928,547.98. This represents a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 3,393,015 shares of company stock valued at $184,637,695. Corporate insiders own 3.56% of the company’s stock.

Kinetik Stock Performance

NYSE:KNTK opened at $52.06 on Wednesday. The stock has a 50-day simple moving average of $53.71 and a two-hundred day simple moving average of $49.08. The firm has a market capitalization of $8.45 billion, a PE ratio of 16.83, a P/E/G ratio of 1.18 and a beta of 0.67. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $58.90.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.14). Kinetik had a negative return on equity of 42.78% and a net margin of 25.65%. The company had revenue of $569.40 million during the quarter. During the same quarter in the prior year, the business earned $0.03 earnings per share. The firm’s revenue for the quarter was up 22.7% on a year-over-year basis. Equities analysts forecast that Kinetik Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

About Kinetik

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure. The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.