MFG Wealth Management Inc. Acquires Shares of 27,560 Kinetik Holdings Inc. $KNTK

Key Points

• MFG Wealth Management Inc. bought a new position of 27,560 Kinetik shares in the 4th quarter, valued at approximately $994,000.
• Company insiders sold a total of 4,015,831 shares worth $180,054,928 in the last 90 days, and insiders now own 3.83% of the stock.
• Kinetik reported a Q4 EPS of $2.16 vs. a consensus of $0.15 and revenue of $430.42M (up 11.5% YOY); analysts have a consensus "Hold" rating with an average target of $46.27.

MFG Wealth Management Inc. bought a new position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 27,560 shares of the company's stock, valued at approximately $994,000.

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Kinetik by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company's stock valued at $199,049,000 after acquiring an additional 416,147 shares in the last quarter. Brave Warrior Advisors LLC acquired a new position in Kinetik in the 3rd quarter worth approximately $68,766,000. Invesco Ltd. grew its position in Kinetik by 40.2% during the 3rd quarter. Invesco Ltd. now owns 1,449,965 shares of the company's stock worth $61,972,000 after purchasing an additional 415,505 shares in the last quarter. Westwood Holdings Group Inc. grew its position in Kinetik by 4.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company's stock worth $51,930,000 after purchasing an additional 52,058 shares in the last quarter. Finally, Chickasaw Capital Management LLC raised its stake in Kinetik by 63.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company's stock valued at $46,948,000 after purchasing an additional 428,103 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Kinetik

In other Kinetik news, insider Matthew Wall sold 3,222 shares of the business's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $151,176.24. Following the transaction, the insider owned 585,556 shares in the company, valued at $27,474,287.52. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven Stellato sold 2,907 shares of the company's 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 completion of the transaction, the insider directly owned 393,382 shares in the company, valued at approximately $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,015,831 shares of company stock worth $180,054,928 in the last ninety days. Company insiders own 3.83% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on KNTK shares. Barclays increased their target price on Kinetik from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Thursday. Jefferies Financial Group downgraded Kinetik from a "buy" rating to a "hold" rating and set a $43.00 price target on the stock. in a report on Friday, February 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a research note on Thursday, January 22nd. Scotiabank raised their price objective on Kinetik from $49.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Tuesday. Finally, Wall Street Zen raised Kinetik from a "sell" rating to a "hold" rating in a research note on Saturday. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Kinetik has a consensus rating of "Hold" and an average target price of $46.27.

Kinetik Stock Down 1.6%

KNTK stock opened at $45.87 on Friday. The company has a 50 day moving average of $42.50 and a two-hundred day moving average of $39.37. The company has a market cap of $7.41 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 1.47 and a beta of 0.70. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $54.94.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, beating the consensus estimate of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business had revenue of $430.42 million for the quarter. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The company's revenue was up 11.5% on a year-over-year basis.

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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