Kingsview Wealth Management LLC Takes $880,000 Position in Kinetik Holdings Inc. $KNTK

Key Points

• Kingsview Wealth Management initiated a new position in Kinetik Holdings, buying 24,419 shares valued at about $880,000 in the fourth quarter.
• Kinetik’s latest earnings showed weakness, with EPS of -$0.07 versus the $0.16 consensus estimate and revenue down 7.5% year over year to $409.98 million.
• Analyst sentiment remains mixed: the stock has a Moderate Buy consensus with an average price target of $48.92, though some firms recently cut ratings or targets.

Kingsview Wealth Management LLC bought a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 24,419 shares of the company's stock, valued at approximately $880,000.

Other hedge funds also recently made changes to their positions in the company. CWM LLC grew its holdings in shares of Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after acquiring an additional 352 shares in the last quarter. Signaturefd LLC lifted its position in Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company's stock worth $29,000 after acquiring an additional 404 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Kinetik during the 3rd quarter worth approximately $54,000. Advisory Services Network LLC acquired a new stake in shares of Kinetik during the third quarter worth $55,000. Finally, GAMMA Investing LLC boosted its holdings in Kinetik by 569.6% in the 4th quarter. GAMMA Investing LLC now owns 1,761 shares of the company's stock valued at $63,000 after purchasing an additional 1,498 shares during the period. 21.11% of the stock is owned by institutional investors.

Kinetik Price Performance

NYSE KNTK opened at $45.51 on Tuesday. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $51.51. The company has a fifty day moving average price of $48.01 and a 200-day moving average price of $42.16. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 1.89 and a beta of 0.57.

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 firm had revenue of $409.98 million for the quarter. During the same quarter in the prior year, the company posted $0.05 earnings per share. The firm's quarterly revenue was down 7.5% on a year-over-year basis. On average, research analysts anticipate that Kinetik Holdings Inc. will post 0.78 EPS for the current fiscal year.

Insider Activity at Kinetik

In other Kinetik news, insider Steven Stellato sold 2,907 shares of the business's stock in a transaction on 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 in the company, valued at $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the business's stock in a transaction dated 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 completion of 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 disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,078,855 shares of company stock worth $53,535,999. 3.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on KNTK. Citigroup reiterated a "buy" rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Jefferies Financial Group restated a "hold" rating and issued a $51.00 target price on shares of Kinetik in a research report on Friday, May 8th. Wall Street Zen cut Kinetik from a "sell" rating to a "strong sell" rating in a report on Sunday, May 17th. Weiss Ratings cut shares of Kinetik from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, May 11th. Finally, UBS Group reduced their target price on Kinetik from $49.00 to $48.00 and set a "neutral" rating on the stock in a report on Monday, March 16th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.92.

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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