Jennison Associates LLC Grows Stock Position in Kinetik Holdings Inc. $KNTK

Key Points

• Jennison Associates LLC increased its Kinetik stake by 33% in Q4 to 270,126 shares (an additional 66,992 shares) worth about $9.74 million.
• Other institutional investors also raised positions—Vanguard (+9.4% to 5.10M shares) and UBS (+61.7% to 754,056 shares)—with roughly 21.11% of KNTK held by hedge funds and institutions.
• Kinetik posted a strong quarter, reporting EPS $2.16 vs. $0.15 and $430.4M in revenue (+11.5% YoY); analysts' consensus is a "Moderate Buy" with a $48.33 target and a market cap near $8.01 billion.

Jennison Associates LLC lifted its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 33.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 270,126 shares of the company's stock after purchasing an additional 66,992 shares during the period. Jennison Associates LLC owned about 0.17% of Kinetik worth $9,738,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. UBS Group AG boosted its holdings in Kinetik by 61.7% in the fourth quarter. UBS Group AG now owns 754,056 shares of the company's stock valued at $27,184,000 after purchasing an additional 287,738 shares during the period. Advisors Capital Management LLC boosted its holdings in Kinetik by 2.1% in the fourth quarter. Advisors Capital Management LLC now owns 645,383 shares of the company's stock valued at $23,266,000 after purchasing an additional 12,996 shares during the period. Vanguard Group Inc. boosted its holdings in Kinetik by 9.4% in the fourth 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 period. Geneos Wealth Management Inc. boosted its holdings in Kinetik by 7.4% in the fourth quarter. Geneos Wealth Management Inc. now owns 21,666 shares of the company's stock valued at $781,000 after purchasing an additional 1,488 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in Kinetik by 47.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 8,229 shares of the company's stock valued at $297,000 after purchasing an additional 2,644 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Price Performance

Shares of NYSE KNTK opened at $49.39 on Friday. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 1.56 and a beta of 0.61. The business has a 50-day moving average of $46.59 and a two-hundred day moving average of $40.48. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $51.11.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $2.01. The company 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 firm's quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm earned $0.01 earnings per share. As a group, equities research analysts expect that Kinetik Holdings Inc. will post 1.01 earnings per share for the current year.

Insiders Place Their Bets

In other Kinetik news, insider Matthew Wall sold 3,222 shares of Kinetik stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Stellato sold 2,907 shares of Kinetik stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the sale, the insider directly owned 393,382 shares of the company's stock, valued at $18,457,483.44. This trade represents a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 4,544,291 shares of company stock valued at $205,929,825 over the last quarter. Corporate insiders own 3.56% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on KNTK. Wolfe Research lowered Kinetik from an "outperform" rating to a "peer perform" rating in a report on Tuesday, January 27th. UBS Group decreased their target price on Kinetik from $49.00 to $48.00 and set a "neutral" rating for the company in a report on Monday, March 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $50.00 target price (up from $49.00) on shares of Kinetik in a report on Thursday, April 16th. Wells Fargo & Company upgraded Kinetik from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $47.00 to $52.00 in a report on Wednesday, March 25th. Finally, Wall Street Zen upgraded Kinetik from a "sell" rating to a "hold" rating in a report on Sunday, April 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $48.33.

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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