HighTower Advisors LLC Purchases 25,574 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• HighTower Advisors LLC increased its Kinetik Holdings stake by 33.1% in the fourth quarter, adding 25,574 shares to bring its total to 102,906 shares worth about $3.71 million.
• Several other institutional investors also raised or initiated positions, and institutional ownership stands at 21.11% of Kinetik’s stock.
• Kinetik reported a Q1 earnings miss with EPS of -$0.07 versus the $0.16 estimate, while analysts currently rate the stock a Moderate Buy with an average target price of $48.92.

HighTower Advisors LLC grew its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 33.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 102,906 shares of the company's stock after acquiring an additional 25,574 shares during the quarter. HighTower Advisors LLC owned about 0.06% of Kinetik worth $3,710,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC boosted its position in shares of Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after acquiring an additional 352 shares during the last quarter. Signaturefd LLC boosted its position in shares of Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company's stock valued at $29,000 after acquiring an additional 404 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Kinetik during the 3rd quarter valued at approximately $54,000. Advisory Services Network LLC bought a new position in shares of Kinetik during the 3rd quarter valued at approximately $55,000. Finally, Comerica Bank boosted its position in shares of Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company's stock valued at $80,000 after acquiring an additional 732 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on KNTK shares. UBS Group lowered their target price on Kinetik from $49.00 to $48.00 and set a "neutral" rating for the company in a research report on Monday, March 16th. Truist Financial started coverage on Kinetik in a research report on Tuesday, March 24th. They set a "buy" rating and a $53.00 target price for the company. Scotiabank reiterated an "outperform" rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Barclays set a $50.00 price target on Kinetik and gave the company an "equal weight" rating in a report on Thursday, May 14th. Finally, Citigroup restated a "buy" rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Kinetik presently has an average rating of "Moderate Buy" and an average target price of $48.92.

Kinetik Stock Down 1.6%

KNTK stock opened at $45.91 on Friday. The business's fifty day simple moving average is $48.03 and its two-hundred day simple moving average is $42.03. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $51.51. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 1.91 and a beta of 0.61.

Kinetik (NYSE:KNTK - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business had revenue of $409.98 million during the quarter. During the same quarter last year, the firm posted $0.05 EPS. The firm's revenue for the quarter was down 7.5% on a year-over-year basis. Research analysts expect that Kinetik Holdings Inc. will post 0.78 EPS for the current year.

Insider Transactions at Kinetik

In other news, insider Matthew Wall sold 3,222 shares of the firm's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $151,176.24. Following the transaction, the insider owned 585,556 shares in the company, valued at approximately $27,474,287.52. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 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 approximately $21,667,724.88. This represents a 55.48% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,078,855 shares of company stock worth $53,535,999. Corporate insiders own 3.56% of the company's stock.

Kinetik Company 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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