Kinetik Holdings Inc. $KNTK Shares Sold by Catalyst Capital Advisors LLC

Key Points

• Catalyst Capital Advisors reduced its Kinetik Holdings position by 8.9% in the first quarter, selling 35,691 shares and leaving it with 366,076 shares worth about $17.7 million.
• Institutional investors were active in KNTK during the quarter, with firms like Comerica Bank, Millennium Management, and UBS AM increasing their stakes; institutional ownership stands at 21.11%.
• Analysts remain constructive on Kinetik, with a consensus rating of “Moderate Buy” and an average price target of $49.77, even as the stock recently traded around $50.20 and the company posted a quarterly EPS miss.

Catalyst Capital Advisors LLC trimmed its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 8.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 366,076 shares of the company's stock after selling 35,691 shares during the quarter. Catalyst Capital Advisors LLC owned approximately 0.23% of Kinetik worth $17,722,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of KNTK. Comerica Bank raised 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 worth $80,000 after purchasing an additional 732 shares during the period. AQR Capital Management LLC increased its position in shares of Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock valued at $670,000 after purchasing an additional 522 shares during the period. Millennium Management LLC grew its holdings in Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company's stock worth $6,884,000 after acquiring an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Kinetik by 27.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company's stock worth $4,131,000 after purchasing an additional 17,034 shares during the last quarter. Finally, Intech Investment Management LLC increased its holdings in shares of Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company's stock valued at $1,149,000 after buying an additional 2,766 shares in the last quarter. Institutional investors own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

KNTK has been the subject of several analyst reports. US Capital Advisors raised Kinetik from a "moderate buy" rating to a "strong-buy" rating in a report on Friday, May 29th. Truist Financial began coverage on Kinetik in a report on Tuesday, March 24th. They set a "buy" rating and a $53.00 price objective on the stock. Citigroup reaffirmed a "buy" rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Mizuho raised their target price on shares of Kinetik from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. Finally, Barclays set a $50.00 target price on shares of Kinetik and gave the stock an "equal weight" rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Kinetik presently has a consensus rating of "Moderate Buy" and an average target price of $49.77.

Insider Transactions at Kinetik

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

Kinetik Stock Performance

Shares of KNTK opened at $50.20 on Friday. The firm has a market cap of $8.15 billion, a PE ratio of 20.49, a PEG ratio of 2.57 and a beta of 0.56. The firm's 50 day moving average price is $48.11 and its 200 day moving average price is $45.17. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $51.51.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate 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 period last year, the company earned $0.05 earnings per share. The firm's quarterly revenue was down 7.5% on a year-over-year basis. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 0.62 earnings per share for the current fiscal year.

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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