WBI Investments LLC Makes New Investment in Kinetik Holdings Inc. $KNTK

WBI Investments LLC acquired a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the third quarter, Holdings Channel reports. The fund acquired 22,166 shares of the company’s stock, valued at approximately $947,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in KNTK. Brave Warrior Advisors LLC bought a new position in shares of Kinetik during the third quarter worth approximately $68,766,000. RR Advisors LLC bought a new stake in shares of Kinetik in the second quarter valued at approximately $22,471,000. Adage Capital Partners GP L.L.C. bought a new stake in shares of Kinetik in the second quarter valued at approximately $22,025,000. Chickasaw Capital Management LLC grew its position in Kinetik by 63.9% during the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after buying an additional 428,103 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Kinetik by 9.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company’s stock worth $199,049,000 after acquiring an additional 416,147 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Insider Activity at Kinetik

In other Kinetik news, insider Matthew Wall sold 3,222 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the sale, the insider owned 585,556 shares in the company, valued at $27,474,287.52. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the sale, the insider directly owned 393,382 shares in the company, valued at approximately $18,457,483.44. The trade was a 0.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 4,015,831 shares of company stock worth $180,054,928. Corporate insiders own 3.83% of the company’s stock.

Kinetik Stock Up 1.7%

NYSE:KNTK opened at $45.40 on Wednesday. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $54.94. The stock’s 50-day simple moving average is $41.91 and its 200 day simple moving average is $39.25. The firm has a market capitalization of $7.34 billion, a PE ratio of 17.67, a price-to-earnings-growth ratio of 1.41 and a beta of 0.69.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. The company had revenue of $430.42 million for the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.01 earnings per share.

Analyst Ratings Changes

Several brokerages have weighed in on KNTK. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a report on Friday, February 6th. Citigroup increased their target price on Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Barclays raised their price target on Kinetik from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 5th. Wells Fargo & Company boosted their price target on Kinetik from $44.00 to $47.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th. Finally, Scotiabank increased their price objective on shares of Kinetik from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a research note on Tuesday. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Kinetik has a consensus rating of “Hold” and an average target price of $46.18.

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.