Crawford Investment Counsel Inc. Raises Position in Kinetik Holdings Inc. $KNTK

Key Points

• Crawford Investment Counsel boosted its Kinetik stake by 30.5% in the fourth quarter, ending with 403,348 shares valued at about $14.5 million.
• Insider selling has been significant, with major shareholder Isq Global Fund Ii Gp Llc selling 534,564 shares in late April and insiders selling about 1.07 million shares over the past three months.
• Kinetik’s latest earnings missed expectations: it reported a loss of $0.07 per share versus a $0.16 profit estimate, while revenue fell 7.5% year over year to $409.98 million.

Crawford Investment Counsel Inc. raised its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 30.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 403,348 shares of the company's stock after purchasing an additional 94,173 shares during the quarter. Crawford Investment Counsel Inc. owned 0.25% of Kinetik worth $14,541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State of Wisconsin Investment Board grew its holdings in shares of Kinetik by 4.5% in the fourth quarter. State of Wisconsin Investment Board now owns 126,479 shares of the company's stock valued at $4,560,000 after acquiring an additional 5,413 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of Kinetik by 4.9% in the fourth quarter. Captrust Financial Advisors now owns 8,420 shares of the company's stock valued at $304,000 after acquiring an additional 390 shares in the last quarter. Barclays PLC grew its holdings in shares of Kinetik by 50.1% in the fourth quarter. Barclays PLC now owns 473,980 shares of the company's stock valued at $17,087,000 after acquiring an additional 158,279 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Kinetik in the fourth quarter valued at approximately $33,000. Finally, BROOKFIELD Corp ON grew its holdings in shares of Kinetik by 16.5% in the fourth quarter. BROOKFIELD Corp ON now owns 319,973 shares of the company's stock valued at $11,535,000 after acquiring an additional 45,384 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the 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 completion of the transaction, the insider directly owned 428,894 shares of the company's stock, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 1,071,107 shares of company stock worth $53,172,463 over the last three months. 3.56% of the stock is currently owned by corporate insiders.

Kinetik Trading Down 0.7%

Shares of NYSE KNTK opened at $45.41 on Wednesday. The stock has a fifty day simple moving average of $47.77 and a two-hundred day simple moving average of $43.17. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $51.51. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of 18.53, a price-to-earnings-growth ratio of 2.36 and a beta of 0.57.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) earnings per share 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 period last year, the business posted $0.05 earnings per share. The company's revenue for the quarter was down 7.5% compared to the same quarter last year. Analysts forecast that Kinetik Holdings Inc. will post 0.62 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on KNTK shares. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a report on Thursday, March 26th. Barclays set a $50.00 target price on Kinetik and gave the company an "equal weight" rating in a report on Thursday, May 14th. Royal Bank Of Canada upped their target price on Kinetik from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Friday, June 5th. Truist Financial started coverage on Kinetik in a report on Tuesday, March 24th. They issued a "buy" rating and a $53.00 target price for the company. Finally, Mizuho upped their target price on Kinetik from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average 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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