Aventail Capital Group LP Increases Stock Holdings in Kinetik Holdings Inc. $KNTK

Key Points

• Aventail Capital Group LP increased its Kinetik Holdings stake by 122.2% in the fourth quarter, bringing its holdings to 122,612 shares worth about $4.42 million.
• Institutional ownership remains notable, with hedge funds and other investors holding 21.11% of Kinetik; Vanguard was the largest holder mentioned, with more than 5.09 million shares.
• Analysts are broadly positive on KNTK, with a consensus rating of “Moderate Buy” and an average price target of $49.17, even as the company recently reported an earnings miss and insider selling was disclosed.

Aventail Capital Group LP grew its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 122.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,612 shares of the company's stock after buying an additional 67,437 shares during the quarter. Aventail Capital Group LP owned 0.08% of Kinetik worth $4,420,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Public Sector Pension Investment Board purchased a new position in shares of Kinetik in the third quarter valued at $7,277,000. Advisors Capital Management LLC increased its position in shares of Kinetik by 4.3% in the third quarter. Advisors Capital Management LLC now owns 632,387 shares of the company's stock valued at $27,028,000 after buying an additional 26,103 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company's stock valued at $183,739,000 after buying an additional 439,586 shares in the last quarter. SageView Advisory Group LLC purchased a new position in shares of Kinetik in the third quarter valued at $1,606,000. Finally, Rhumbline Advisers increased its position in shares of Kinetik by 86.7% in the third quarter. Rhumbline Advisers now owns 127,105 shares of the company's stock valued at $5,432,000 after buying an additional 59,042 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on KNTK. Citigroup restated a "buy" rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Scotiabank reiterated an "outperform" rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Wells Fargo & Company upgraded Kinetik from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $47.00 to $52.00 in a research report on Wednesday, March 25th. Wall Street Zen cut Kinetik from a "sell" rating to a "strong sell" rating in a research report on Sunday, May 17th. Finally, Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 26th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Kinetik presently has a consensus rating of "Moderate Buy" and an average price target of $49.17.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of Kinetik stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares of the company's stock, valued at $21,667,724.88. The trade was a 55.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders sold 1,071,107 shares of company stock valued at $53,172,463. Insiders own 3.56% of the company's stock.

Kinetik Price Performance

KNTK opened at $45.68 on Thursday. The stock has a market capitalization of $7.42 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 2.34 and a beta of 0.57. The business has a 50-day moving average of $47.75 and a two-hundred day moving average of $43.26. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $51.51.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. Kinetik's revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period last year, the business earned $0.05 EPS. Equities research analysts anticipate that Kinetik Holdings Inc. will post 0.62 earnings per share for the current year.

About Kinetik

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.

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