Apollon Wealth Management LLC Makes New $247,000 Investment in Kinetik Holdings Inc. $KNTK

Apollon Wealth Management LLC purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,602 shares of the company’s stock, valued at approximately $247,000.

A number of other hedge funds have also recently made changes to their positions in KNTK. Bell Investment Advisors Inc purchased a new stake in shares of Kinetik in the 1st quarter valued at $41,000. Nisa Investment Advisors LLC boosted its position in Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock valued at $59,000 after buying an additional 664 shares during the period. Chung Wu Investment Group LLC bought a new position in shares of Kinetik during the second quarter valued at about $56,000. Rossby Financial LCC bought a new position in shares of Kinetik during the first quarter valued at about $78,000. Finally, Comerica Bank increased its holdings in shares of Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on KNTK. The Goldman Sachs Group set a $46.00 target price on Kinetik in a report on Tuesday. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Mizuho set a $53.00 price target on shares of Kinetik and gave the company an “outperform” rating in a research report on Friday, August 29th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $52.44.

Insider Buying and Selling at Kinetik

In other news, insider Jamie Welch bought 5,000 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The stock was purchased at an average price of $39.13 per share, with a total value of $195,650.00. Following the transaction, the insider owned 3,676,399 shares of the company’s stock, valued at approximately $143,857,492.87. The trade was a 0.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.83% of the company’s stock.

Kinetik Trading Down 1.1%

Shares of Kinetik stock opened at $35.79 on Friday. Kinetik Holdings Inc. has a 12-month low of $35.74 and a 12-month high of $67.60. The company has a market cap of $5.80 billion, a P/E ratio of 48.36, a PEG ratio of 0.89 and a beta of 3.11. The company’s fifty day simple moving average is $41.17 and its two-hundred day simple moving average is $42.47.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. The firm had revenue of $426.74 million for the quarter. During the same period in the previous year, the firm posted $0.54 EPS. The company’s revenue for the quarter was up 18.7% on a year-over-year basis.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.