Bank of New York Mellon Corp Acquires New Stake in Kinetik Holdings Inc. $KNTK

Key Points

• Bank of New York Mellon acquired 359,204 Kinetik shares worth approximately $17.4 million, representing about 0.22% of the company; institutional investors collectively own 21.11% of KNTK.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $53.27 price target. RBC and Citigroup recently raised their targets, while other analysts reiterated buy or hold ratings.
• Kinetik reported quarterly EPS of $0.64, exceeding the $0.19 estimate, while revenue rose 36.3% year over year to $581.44 million. The stock was trading at $54.90, near its 12-month high of $56.10, although insiders sold more than 1.08 million shares during the quarter.

Bank of New York Mellon Corp bought a new stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 359,204 shares of the company's stock, valued at approximately $17,364,000. Bank of New York Mellon Corp owned about 0.22% of Kinetik at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of Kinetik by 10.5% in the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company's stock valued at $139,000 after purchasing an additional 273 shares during the period. NewEdge Advisors LLC purchased a new position in Kinetik during the first quarter worth about $1,981,000. Amundi lifted its position in Kinetik by 48.7% during the first quarter. Amundi now owns 17,645 shares of the company's stock worth $854,000 after buying an additional 5,775 shares during the period. California State Teachers Retirement System boosted its stake in Kinetik by 31.0% in the 1st quarter. California State Teachers Retirement System now owns 58,667 shares of the company's stock worth $2,840,000 after buying an additional 13,894 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in Kinetik in the 1st quarter worth about $1,432,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Kinetik

In related news, Director Deborah L. Byers sold 2,739 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $51.51, for a total transaction of $141,085.89. Following the sale, the director directly owned 24,389 shares in the company, valued at approximately $1,256,277.39. This trade represents a 10.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 76,260 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $55.28, for a total value of $4,215,652.80. Following the transaction, the insider directly owned 842,564 shares in the company, valued at $46,576,937.92. This trade represents a 8.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,089,069 shares of company stock valued at $56,764,485. Insiders own 3.56% of the company's stock.

Analyst Upgrades and Downgrades

KNTK has been the topic of several recent analyst reports. Royal Bank Of Canada reiterated an "outperform" rating and set a $57.00 price objective (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. Jefferies Financial Group reaffirmed a "hold" rating and set a $51.00 price target on shares of Kinetik in a research report on Friday, May 8th. Citigroup reaffirmed a "buy" rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Finally, US Capital Advisors upgraded shares of Kinetik from a "moderate buy" rating to a "strong-buy" rating in a report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.27.

Kinetik Trading Up 2.0%

NYSE:KNTK opened at $54.90 on Tuesday. The firm's fifty day simple moving average is $50.70 and its 200 day simple moving average is $48.12. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.10. The firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of 19.89, a PEG ratio of 1.33 and a beta of 0.56.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The firm's quarterly revenue was up 36.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.33 EPS. On average, analysts predict that Kinetik Holdings Inc. will post 1.3 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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