Rossby Financial LCC Raises Stake in Kinetik Holdings Inc. $KNTK

Rossby Financial LCC increased its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 33.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 2,006 shares of the company’s stock after buying an additional 503 shares during the quarter. Rossby Financial LCC’s holdings in Kinetik were worth $88,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Illinois Municipal Retirement Fund purchased a new position in shares of Kinetik in the 1st quarter worth about $615,000. Catalyst Capital Advisors LLC raised its stake in Kinetik by 10.2% in the 1st quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company’s stock valued at $14,049,000 after acquiring an additional 24,933 shares during the period. Russell Investments Group Ltd. raised its stake in Kinetik by 14.3% in the 1st quarter. Russell Investments Group Ltd. now owns 50,309 shares of the company’s stock valued at $2,613,000 after acquiring an additional 6,292 shares during the period. Nuveen LLC bought a new stake in Kinetik in the 1st quarter valued at about $4,201,000. Finally, Northern Trust Corp raised its stake in Kinetik by 11.4% in the 1st quarter. Northern Trust Corp now owns 436,174 shares of the company’s stock valued at $22,655,000 after acquiring an additional 44,651 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on KNTK. Barclays lowered their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Mizuho set a $48.00 price objective on Kinetik in a research note on Wednesday. Scotiabank set a $51.00 price objective on Kinetik and gave the company a “sector outperform” rating in a research note on Friday, October 17th. The Goldman Sachs Group set a $46.00 price objective on Kinetik in a research note on Tuesday, October 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.20.

Kinetik Trading Down 2.9%

KNTK stock opened at $37.63 on Thursday. The company’s 50 day moving average is $40.83 and its 200 day moving average is $42.17. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 50.85, a price-to-earnings-growth ratio of 1.14 and a beta of 3.11. Kinetik Holdings Inc. has a 1-year low of $35.74 and a 1-year high of $67.60.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.19. The business had revenue of $426.74 million during the quarter. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS.

Insider Transactions at Kinetik

In other news, insider Jamie Welch bought 5,000 shares of the business’s stock in a transaction on Thursday, October 2nd. The stock was acquired at an average price of $39.13 per share, with a total value of $195,650.00. Following the completion of the purchase, the insider directly owned 3,676,399 shares in the company, valued at $143,857,492.87. This represents a 0.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 3.83% of the stock is currently owned by corporate insiders.

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.