Diversify Wealth Management LLC Takes $1.61 Million Position in Kinetik Holdings Inc. $KNTK

Key Points

• Diversify Wealth Management LLC opened a new position in Kinetik Holdings, buying 32,475 shares valued at about $1.61 million in the first quarter.
• Kinetik shares were little changed, but the stock has traded near its 52-week high after opening at $50.46, with a market cap of $8.19 billion.
• The company missed quarterly earnings expectations, reporting EPS of -$0.07 versus the expected $0.16, while analysts remain broadly constructive with a Moderate Buy consensus and an average price target of $49.77.

Diversify Wealth Management LLC acquired a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 32,475 shares of the company's stock, valued at approximately $1,612,000.

Several other large investors have also recently bought and sold shares of the business. ProShare Advisors LLC lifted its holdings in Kinetik by 3.5% in the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company's stock valued at $311,000 after acquiring an additional 294 shares during the period. Maryland State Retirement & Pension System grew its stake in shares of Kinetik by 5.4% during the 4th quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company's stock worth $238,000 after purchasing an additional 337 shares during the period. Federated Hermes Inc. grew its stake in shares of Kinetik by 0.4% during the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company's stock worth $3,926,000 after purchasing an additional 346 shares during the period. CWM LLC increased its holdings in shares of Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in shares of Kinetik by 4.9% in the 4th quarter. Captrust Financial Advisors now owns 8,420 shares of the company's stock valued at $304,000 after purchasing an additional 390 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Trading Down 0.1%

NYSE:KNTK opened at $50.46 on Wednesday. The firm has a 50-day moving average price of $48.01 and a two-hundred day moving average price of $44.94. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $51.51. The company has a market capitalization of $8.19 billion, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 2.61 and a beta of 0.56.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly 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 business had revenue of $409.98 million during the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. Kinetik's quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.05 earnings per share. On average, equities research analysts predict that Kinetik Holdings Inc. will post 0.62 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Thursday, March 26th. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $54.00 to $57.00 and gave the company an "overweight" rating in a report on Tuesday. Citigroup reiterated a "buy" rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Truist Financial started coverage on Kinetik in a research note on Tuesday, March 24th. They set a "buy" rating and a $53.00 price target on the stock. Finally, Wells Fargo & Company upgraded Kinetik from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $47.00 to $52.00 in a report on Wednesday, March 25th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $49.77.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company's stock in a transaction dated 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 directly owned 428,894 shares in the company, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their position. The transaction 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 valued at $53,172,463 in the last quarter. 3.56% of the stock is owned by corporate 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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