NEOS Investment Management LLC Has $18.95 Million Position in Kinetik Holdings Inc. $KNTK

Key Points

• NEOS Investment Management increased its Kinetik Holdings stake by 30.9% in the second quarter, holding 392,128 shares worth approximately $18.95 million. Institutional investors and hedge funds collectively own 21.11% of the company.
• Kinetik reported strong quarterly results, with EPS of $0.64 versus the $0.19 analyst consensus and revenue of $581.44 million, up 36.3% year over year.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $53.27; Morgan Stanley recently raised its target to $70.00. Kinetik shares opened at $54.49, near their 52-week high of $56.10.

NEOS Investment Management LLC lifted its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 30.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 392,128 shares of the company's stock after buying an additional 92,637 shares during the period. NEOS Investment Management LLC owned about 0.24% of Kinetik worth $18,955,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of KNTK. Miller Howard Investments Inc. NY increased its holdings in shares of Kinetik by 69.4% in the 1st quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company's stock valued at $7,083,000 after purchasing an additional 59,942 shares during the period. Infrastructure Capital Advisors LLC purchased a new position in Kinetik during the fourth quarter valued at approximately $9,323,000. Vanguard Group Inc. grew its position in Kinetik by 9.4% during 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 in the last quarter. HighTower Advisors LLC increased its stake in Kinetik by 33.1% in the 4th quarter. HighTower Advisors LLC now owns 102,906 shares of the company's stock valued at $3,710,000 after buying an additional 25,574 shares during the period. Finally, Diversify Wealth Management LLC purchased a new stake in Kinetik in the 1st quarter worth approximately $1,612,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $54.49 on Friday. The stock has a market capitalization of $8.85 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 1.34 and a beta of 0.57. The business's fifty day moving average price is $51.17 and its two-hundred day moving average price is $48.45. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.10.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million during the quarter, compared to analysts' expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm's revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter last year, the company posted $0.33 EPS. Research analysts expect that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the sale, the insider directly owned 1,691,370 shares in the company, valued at $85,448,012.40. This represents a 12.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 1,134,497 shares of company stock valued at $59,265,751. 3.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on KNTK shares. US Capital Advisors raised shares of Kinetik from a "moderate buy" rating to a "strong-buy" rating in a research note on Friday, May 29th. Morgan Stanley reaffirmed an "overweight" rating and issued a $70.00 target price (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. Tudor Pickering started coverage on Kinetik in a research note on Monday, July 20th. They set a "buy" rating and a $57.00 price target for the company. Scotiabank reissued an "outperform" rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Finally, Wall Street Zen upgraded Kinetik from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $53.27.

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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