NewEdge Advisors LLC Takes Position in Kinetik Holdings Inc. $KNTK

Key Points

• NewEdge Advisors initiated a position in Kinetik Holdings, purchasing 40,918 shares valued at approximately $1.98 million. Several other institutional investors also increased or initiated holdings, with institutions collectively owning 21.11% of the company.
• Kinetik shares opened at $50.42, near the top of their 52-week range, despite the company reporting a quarterly loss of $0.07 per share—$0.23 below analyst estimates—and a 7.5% year-over-year revenue decline.
• Analysts remain broadly positive, giving Kinetik a consensus “Moderate Buy” rating and an average price target of $51.40; recent targets range from $52 to $64.

NewEdge Advisors LLC bought a new position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 40,918 shares of the company's stock, valued at approximately $1,981,000.

Several other large investors have also made changes to their positions in the company. CWM LLC lifted its holdings in Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after purchasing an additional 352 shares during the last quarter. Signaturefd LLC boosted its position in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company's stock valued at $29,000 after buying an additional 404 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Kinetik during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC bought a new stake in Kinetik during the fourth quarter worth about $40,000. Finally, Huntington National Bank increased its holdings in shares of Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company's stock worth $44,000 after buying an additional 711 shares in the last quarter. Institutional investors own 21.11% of the company's stock.

Kinetik Trading Up 0.8%

KNTK opened at $50.42 on Friday. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $52.54. The stock has a market capitalization of $8.19 billion, a PE ratio of 20.58, a PEG ratio of 1.98 and a beta of 0.56. The firm has a 50-day moving average price of $48.20 and a two-hundred day moving average price of $46.18.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The company had revenue of $409.98 million for the quarter. During the same quarter last year, the firm earned $0.05 EPS. The company's quarterly revenue was down 7.5% compared to the same quarter last year. On average, research analysts predict that Kinetik Holdings Inc. will post 0.81 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on KNTK shares. Mizuho lifted their target price on shares of Kinetik from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Tudor Pickering started coverage on Kinetik in a research report on Monday, July 20th. They set a "buy" rating and a $57.00 price target on the stock. Morgan Stanley set a $64.00 price target on Kinetik and gave the company an "overweight" rating in a report on Wednesday. Weiss Ratings raised Kinetik from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 6th. Finally, Scotiabank reiterated an "outperform" rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.40.

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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