Eagle Global Advisors LLC Acquires 218,981 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Eagle Global Advisors LLC boosted its stake in Kinetik by 48.7%, buying 218,981 shares to own 668,961 shares (about 0.41% of the company) valued at roughly $24.12 million, making Kinetik its 26th largest holding.
• Kinetik posted a big quarterly beat with $2.16 EPS vs. $0.15 expected and $430.4 million in revenue, up 11.5% year-over-year.
• Insiders have been net sellers (4,007,748 shares worth $179.8 million sold over the last quarter), while analysts show a “Moderate Buy” consensus and a $48.08 price target (1 Strong Buy, 7 Buy, 6 Hold).

Eagle Global Advisors LLC grew its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 48.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 668,961 shares of the company's stock after buying an additional 218,981 shares during the period. Kinetik makes up 0.9% of Eagle Global Advisors LLC's investment portfolio, making the stock its 26th largest holding. Eagle Global Advisors LLC owned about 0.41% of Kinetik worth $24,116,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC boosted its holdings in shares of Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company's stock worth $27,000 after buying an additional 352 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company's stock worth $29,000 after buying an additional 404 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Kinetik during the 3rd quarter worth approximately $54,000. Advisory Services Network LLC bought a new position in shares of Kinetik during the 3rd quarter worth approximately $55,000. Finally, GAMMA Investing LLC raised its position in shares of Kinetik by 569.6% during the fourth quarter. GAMMA Investing LLC now owns 1,761 shares of the company's stock worth $63,000 after purchasing an additional 1,498 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on KNTK. Citigroup upped their target price on Kinetik from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 2nd. UBS Group lowered their target price on Kinetik from $49.00 to $48.00 and set a "neutral" rating on the stock in a research report on Monday, March 16th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Kinetik in a research report on Thursday, January 22nd. Wolfe Research lowered Kinetik from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, January 27th. Finally, Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.08.

Insider Buying and Selling

In related news, insider Trevor Howard sold 1,619 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $75,963.48. Following the completion of the sale, the insider directly owned 249,795 shares of the company's stock, valued at approximately $11,720,381.40. This represents a 0.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Matthew Wall sold 3,222 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the sale, the insider directly owned 585,556 shares of the company's stock, valued at $27,474,287.52. The trade was a 0.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 4,007,748 shares of company stock valued at $179,763,536. 3.83% of the stock is owned by corporate insiders.

Kinetik Stock Up 0.5%

Shares of NYSE:KNTK opened at $46.75 on Wednesday. The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 1.53 and a beta of 0.66. The stock's 50 day moving average is $45.71 and its 200-day moving average is $39.97. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $49.55.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $2.01. The business had revenue of $430.42 million during the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The company's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.01 earnings per share. Equities research analysts anticipate that Kinetik Holdings Inc. will post 0.98 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.