BROOKFIELD Corp ON Cuts Stake in Kinetik Holdings Inc. $KNTK

Key Points

• Brookfield Corp. reduced its Kinetik stake by 10.7% in the first quarter, selling 34,184 shares and retaining 285,789 shares valued at approximately $13.8 million. Other institutional investors, including Sei Investments and Cetera Investment Advisers, increased their positions.
• Insider selling was significant: major shareholder ISQ Global Fund II sold 534,564 shares for about $27.0 million, while insiders sold 910,039 shares worth $45.4 million during the quarter.
• Kinetik holds a “Moderate Buy” consensus rating with an average price target of $50.50. Shares opened at $50.46, near their 52-week high, although the company missed quarterly EPS estimates and reported a 7.5% year-over-year revenue decline.

BROOKFIELD Corp ON lessened its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 10.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 285,789 shares of the company's stock after selling 34,184 shares during the quarter. BROOKFIELD Corp ON owned 0.18% of Kinetik worth $13,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Weiss Asset Management LP purchased a new position in Kinetik in the first quarter worth about $1,210,000. Brooklands Fund Management Ltd bought a new position in shares of Kinetik in the first quarter worth approximately $2,880,000. Sei Investments Co. grew its holdings in shares of Kinetik by 115.6% during the first quarter. Sei Investments Co. now owns 32,895 shares of the company's stock valued at $1,592,000 after buying an additional 17,641 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Kinetik by 33.4% during the first quarter. Cetera Investment Advisers now owns 37,901 shares of the company's stock valued at $1,835,000 after buying an additional 9,492 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Kinetik by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company's stock valued at $33,285,000 after acquiring an additional 8,513 shares in the last quarter. Institutional investors own 21.11% of the company's stock.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the transaction, the insider owned 428,894 shares in the company, valued at $21,667,724.88. This represents a 55.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 910,039 shares of company stock valued at $45,417,170. 3.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Mizuho boosted their target price on Kinetik from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. Weiss Ratings raised shares of Kinetik from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 6th. Wall Street Zen lowered shares of Kinetik from a "sell" rating to a "strong sell" rating in a research note on Sunday, May 17th. Royal Bank Of Canada reissued an "outperform" rating and set a $56.00 price objective on shares of Kinetik in a report on Tuesday, July 21st. Finally, Barclays set a $50.00 price objective on shares of Kinetik and gave the company an "equal weight" rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $50.50.

Kinetik Stock Performance

Kinetik stock opened at $50.46 on Monday. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $52.54. The stock has a fifty day moving average of $48.25 and a 200 day moving average of $45.77. The stock has a market cap of $8.19 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 2.39 and a beta of 0.56.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results 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). The firm had revenue of $409.98 million during the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business's revenue was down 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. As a group, sell-side analysts predict that Kinetik Holdings Inc. will post 0.68 EPS for the current fiscal 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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