Infrastructure Capital Advisors LLC Buys Shares of 258,622 Kinetik Holdings Inc. $KNTK

Key Points

• Infrastructure Capital Advisors initiated a new position in Kinetik Holdings, buying 258,622 shares valued at about $9.3 million. The stake makes Kinetik its 25th largest holding and about 0.9% of the portfolio.
• Institutional ownership remains substantial, with several major investors adding shares in the fourth quarter, including Vanguard, Cohen & Steers, and State Street. Overall, hedge funds and other institutions own about 21.11% of Kinetik.
• Kinetik reported a loss of $0.07 per share in its latest quarter, missing expectations, while revenue fell 7.5% year over year. Analysts still view the stock favorably overall, with a Moderate Buy consensus and an average price target of $49.17.

Infrastructure Capital Advisors LLC bought a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 258,622 shares of the company's stock, valued at approximately $9,323,000. Kinetik comprises 0.9% of Infrastructure Capital Advisors LLC's investment portfolio, making the stock its 25th largest holding. Infrastructure Capital Advisors LLC owned approximately 0.16% of Kinetik at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Kinetik by 9.4% during the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company's stock valued at $183,739,000 after purchasing an additional 439,586 shares during the last quarter. Cohen & Steers Inc. boosted its stake in Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company's stock valued at $66,458,000 after purchasing an additional 833,224 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in Kinetik by 86.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company's stock valued at $66,455,000 after purchasing an additional 855,000 shares during the last quarter. State Street Corp boosted its stake in Kinetik by 5.1% during the 4th quarter. State Street Corp now owns 1,643,532 shares of the company's stock valued at $59,249,000 after purchasing an additional 79,474 shares during the last quarter. Finally, Brave Warrior Advisors LLC purchased a new stake in Kinetik during the 3rd quarter valued at $68,766,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 stock was 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 of the company's stock, valued at approximately $21,667,724.88. This trade represents a 55.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 1,071,107 shares of company stock valued at $53,172,463. 3.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Barclays set a $50.00 target price on Kinetik and gave the company an "equal weight" rating in a research note on Thursday, May 14th. Wells Fargo & Company raised Kinetik from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $47.00 to $52.00 in a report on Wednesday, March 25th. UBS Group lowered their price target on Kinetik from $49.00 to $48.00 and set a "neutral" rating on the stock in a report on Monday, March 16th. Citigroup reissued 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. Finally, Mizuho increased their price target 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 given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $49.17.

Kinetik Price Performance

NYSE KNTK opened at $45.68 on Thursday. The business's fifty day moving average price is $47.75 and its 200-day moving average price is $43.26. The stock has a market capitalization of $7.42 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 2.34 and a beta of 0.57. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $51.51.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $409.98 million for the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. Kinetik's revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. Equities research analysts anticipate that Kinetik Holdings Inc. will post 0.62 EPS for the current 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.

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