Bank of America Corp DE Lowers Holdings in Kinetik Holdings Inc. $KNTK

Key Points

• Bank of America reduced its Kinetik stake by 8.5% in the first quarter, selling 79,905 shares and retaining 855,670 shares valued at approximately $41.4 million. Other institutions, including Millennium Management and UBS Asset Management, increased their positions; institutional investors own 21.11% of the stock.
• Kinetik reported strong quarterly results, with revenue rising 36.3% year over year to $581.44 million and earnings of $0.64 per share, well above the $0.19 consensus estimate.
• Analyst sentiment remains positive, with Kinetik carrying a “Moderate Buy” consensus rating and an average price target of $52.87. However, insiders have sold 577,504 shares worth about $29.5 million over the past 90 days.

Bank of America Corp DE decreased its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 8.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 855,670 shares of the company's stock after selling 79,905 shares during the period. Bank of America Corp DE owned 0.53% of Kinetik worth $41,423,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Comerica Bank grew its holdings in shares of Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company's stock worth $80,000 after buying an additional 732 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock worth $670,000 after purchasing an additional 522 shares during the last quarter. Millennium Management LLC increased its stake in Kinetik by 88.7% during the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company's stock worth $6,884,000 after buying an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Kinetik by 27.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company's stock worth $4,131,000 after buying an additional 17,034 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company's stock valued at $1,149,000 after acquiring an additional 2,766 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on KNTK shares. Barclays set a $51.00 price target on Kinetik and gave the stock an "equal weight" rating in a research note on Thursday, August 6th. US Capital Advisors upgraded shares of Kinetik from a "moderate buy" rating to a "strong-buy" rating in a research report on Friday, May 29th. Royal Bank Of Canada reissued an "outperform" rating and set a $57.00 target price (up from $56.00) on shares of Kinetik in a research note on Tuesday. Citigroup restated a "buy" rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research report on Tuesday. Finally, Wall Street Zen raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $52.87.

Key Kinetik News

Here are the key news stories impacting Kinetik this week:

• Positive Sentiment: Truist raised its Kinetik price target to $59 from $53 and maintained a “buy” rating. The higher target implies meaningful upside from recent trading levels and signals increased confidence in the company’s outlook. Benzinga analyst report
• Positive Sentiment: Kinetik received a rating upgrade in a recent Seeking Alpha analysis. The report said factors affecting upstream activity are likely to dominate the company’s performance, providing a more constructive view of its growth and operating prospects. Seeking Alpha Kinetik analysis
• Neutral Sentiment: Kinetik’s latest quarterly results remain a favorable fundamental backdrop: revenue increased 36.3% year over year to $581.44 million, while adjusted earnings of $0.64 per share exceeded the $0.19 consensus estimate. However, this information was previously reported and may already be reflected in the stock’s valuation.
• Negative Sentiment: Major shareholder ISQ Global Fund II GP LLC sold 310,691 shares between August 10 and August 12 for approximately $16.0 million. The repeated sales reduce the fund’s position and could pressure the stock by adding share supply or raising concerns about near-term insider conviction. SEC shareholder transaction filing
• Negative Sentiment: Director Deborah L. Byers sold 2,739 shares at an average price of $51.51, reducing her holdings by about 10%. The sale is relatively modest but adds to the recent pattern of insider disposals. SEC director transaction filing

Kinetik Stock Performance

Kinetik stock opened at $51.63 on Friday. The stock has a 50-day simple moving average of $48.76 and a 200 day simple moving average of $46.99. The stock has a market capitalization of $8.38 billion, a P/E ratio of 18.71, a PEG ratio of 1.69 and a beta of 0.56. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $52.69.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company had revenue of $581.44 million during the quarter, compared to analysts' expectations of $421.48 million. During the same quarter in the previous year, the business posted $0.33 earnings per share. Kinetik's quarterly revenue was up 36.3% on a year-over-year basis. Research analysts forecast that Kinetik Holdings Inc. will post 0.97 earnings per share for the current year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 84,701 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.52, for a total transaction of $4,363,795.52. Following the completion of the transaction, the insider directly owned 1,354,129 shares in the company, valued at $69,764,726.08. This represents a 5.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Deborah L. Byers sold 2,739 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $51.51, for a total value of $141,085.89. Following the sale, the director owned 24,389 shares in the company, valued at $1,256,277.39. This represents a 10.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 577,504 shares of company stock worth $29,504,652 over the last ninety days. 3.56% of the stock is currently owned by insiders.

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.

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