Barnett & Company Inc. Raises Position in Kinetik Holdings Inc. $KNTK

Key Points

• Barnett & Company Inc. boosted its Kinetik Holdings stake by 398.8% in the first quarter, bringing its holdings to 40,600 shares worth about $1.97 million.
• Kinetik’s latest quarter showed weaker-than-expected earnings, with EPS of -$0.07 versus the $0.16 consensus estimate, while revenue fell 7.5% year over year to $409.98 million.
• Despite mixed fundamentals and insider selling, Wall Street sentiment remains constructive overall, with a Moderate Buy consensus and an average price target of $49.17.

Barnett & Company Inc. increased its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 398.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 40,600 shares of the company's stock after buying an additional 32,460 shares during the quarter. Kinetik comprises 1.5% of Barnett & Company Inc.'s portfolio, making the stock its 22nd largest position. Barnett & Company Inc.'s holdings in Kinetik were worth $1,965,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of KNTK. Kestra Advisory Services LLC grew its position in Kinetik by 675.9% in the first quarter. Kestra Advisory Services LLC now owns 7,061 shares of the company's stock valued at $342,000 after acquiring an additional 6,151 shares in the last quarter. Axxcess Wealth Management LLC purchased a new position in shares of Kinetik in the first quarter valued at $772,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Kinetik by 1.7% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company's stock valued at $90,720,000 after purchasing an additional 30,600 shares during the period. New York State Teachers Retirement System grew its holdings in Kinetik by 9.3% during the 1st quarter. New York State Teachers Retirement System now owns 22,909 shares of the company's stock valued at $1,109,000 after purchasing an additional 1,947 shares in the last quarter. Finally, Private Advisor Group LLC increased its stake in Kinetik by 28.3% during the 1st quarter. Private Advisor Group LLC now owns 13,528 shares of the company's stock worth $655,000 after buying an additional 2,985 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Stock Performance

NYSE:KNTK opened at $48.25 on Friday. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 2.49 and a beta of 0.56. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $51.51. The stock has a 50-day simple moving average of $48.01 and a 200 day simple moving average of $44.67.

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

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. This trade represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 1,071,107 shares of company stock valued at $53,172,463. 3.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

KNTK has been the topic of a number of recent analyst reports. Citigroup reiterated a "buy" rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Jefferies Financial Group reaffirmed a "hold" rating and set a $51.00 target price on shares of Kinetik in a research report on Friday, May 8th. Royal Bank Of Canada boosted their price target on Kinetik from $50.00 to $53.00 and gave the stock an "outperform" rating in a research note on Friday, June 5th. UBS Group reduced their price target on Kinetik from $49.00 to $48.00 and set a "neutral" rating for the company in a report on Monday, March 16th. Finally, US Capital Advisors upgraded Kinetik from a "moderate buy" rating to a "strong-buy" rating in a research note on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.17.

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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