Kinetik Holdings Inc. $KNTK Shares Acquired by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC boosted its Kinetik Holdings stake by 92.6% in the first quarter, ending with 274,447 shares valued at about $13.3 million.
• Kinetik stock was up 2.9% on the day, trading around $49.40, near its 12-month high of $51.51 and above both its 50-day and 200-day moving averages.
• The company recently missed earnings expectations, reporting a loss of $0.07 per share versus the expected $0.16 profit, even as analysts still rate the stock a Moderate Buy on average.

SG Americas Securities LLC increased its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 92.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 274,447 shares of the company's stock after purchasing an additional 131,971 shares during the period. SG Americas Securities LLC owned 0.17% of Kinetik worth $13,286,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company's stock worth $183,739,000 after purchasing an additional 439,586 shares in the last quarter. Zimmer Partners LP purchased a new stake in shares of Kinetik during the 4th quarter valued at about $98,611,000. Cohen & Steers Inc. lifted its position in Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company's stock worth $66,458,000 after acquiring an additional 833,224 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Kinetik by 86.5% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company's stock worth $66,455,000 after acquiring an additional 855,000 shares during the period. Finally, Invesco Ltd. grew its position in Kinetik by 22.4% in the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company's stock valued at $63,997,000 after acquiring an additional 325,251 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Trading Up 2.9%

Shares of NYSE:KNTK opened at $49.40 on Friday. The company has a fifty day simple moving average of $47.90 and a 200 day simple moving average of $43.79. The firm has a market cap of $8.02 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 2.48 and a beta of 0.57. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $51.51.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.23). The company 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 was down 7.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.05 EPS. As a group, equities research analysts forecast that Kinetik Holdings Inc. will post 0.62 EPS for the current fiscal year.

Analyst Ratings Changes

KNTK has been the topic of a number of recent research reports. Jefferies Financial Group reissued a "hold" rating and set a $51.00 target price on shares of Kinetik in a research report on Friday, May 8th. Wells Fargo & Company raised shares of Kinetik from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $47.00 to $52.00 in a research note on Wednesday, March 25th. US Capital Advisors upgraded shares of Kinetik from a "moderate buy" rating to a "strong-buy" rating in a report on Friday, May 29th. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 26th. Finally, Truist Financial initiated coverage on Kinetik in a research note on Tuesday, March 24th. They set a "buy" rating and a $53.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $49.17.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the sale, the insider owned 428,894 shares in the company, valued at $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 1,071,107 shares of company stock valued at $53,172,463 over the last three months. 3.56% of the stock is owned by 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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