Pictet Asset Management Holding SA Sells 333,820 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Major insider sale: Isq Global Fund II GP LLC sold 4,000,000 KNTK shares at an average of $44.85 for about $179.4 million, and insiders have sold a total of 4,544,291 shares (~$205.93M) in the past 90 days, leaving corporate insiders with 3.56% ownership.
• Pictet cut stake sharply: Pictet Asset Management reduced its Kinetik holding by 65.4%, selling 333,820 shares and retaining 176,587 shares (about 0.11% of the company) valued at roughly $6.37 million.
• Strong recent results and mixed analyst view: Kinetik reported a surprising beat with Q EPS of $2.16 vs. $0.15 expected and revenue of $430.4M (up 11.5% YoY); the stock has a market cap of $8.01B and an average analyst rating of "Moderate Buy" with a $48.33 price target.

Pictet Asset Management Holding SA decreased its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 65.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 176,587 shares of the company's stock after selling 333,820 shares during the period. Pictet Asset Management Holding SA owned approximately 0.11% of Kinetik worth $6,366,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings in shares of Kinetik by 0.4% during the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company's stock valued at $3,926,000 after acquiring an additional 346 shares in the last quarter. CWM LLC boosted its holdings in shares of Kinetik by 89.8% during 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. Apollon Wealth Management LLC boosted its holdings in shares of Kinetik by 6.9% during the 3rd quarter. Apollon Wealth Management LLC now owns 5,990 shares of the company's stock valued at $256,000 after acquiring an additional 388 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company's stock valued at $29,000 after acquiring an additional 404 shares in the last quarter. Finally, Aquatic Capital Management LLC boosted its holdings in shares of Kinetik by 0.8% during the 3rd quarter. Aquatic Capital Management LLC now owns 61,058 shares of the company's stock valued at $2,610,000 after acquiring an additional 479 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the transaction, the insider directly owned 1 shares of the company's stock, valued at approximately $44.85. The trade was a 100.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Stellato sold 2,907 shares of Kinetik 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 transaction, 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 SEC filing for this sale provides additional information. Insiders sold a total of 4,544,291 shares of company stock valued at $205,929,825 over the last 90 days. 3.56% of the stock is owned by corporate insiders.

Kinetik Stock Performance

Shares of KNTK opened at $49.39 on Monday. The company has a market capitalization of $8.01 billion, a PE ratio of 19.22, a PEG ratio of 1.56 and a beta of 0.61. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $51.11. The stock's 50-day moving average price is $46.59 and its two-hundred day moving average price is $40.50.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping the consensus estimate of $0.15 by $2.01. The firm had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.01 earnings per share. Equities research analysts predict that Kinetik Holdings Inc. will post 1.01 EPS for the current fiscal year.

Analyst Ratings Changes

KNTK has been the topic of several recent research reports. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a report on Thursday, March 26th. Scotiabank raised their price objective on Kinetik from $49.00 to $51.00 and gave the company a "sector outperform" rating in a report on Tuesday, March 17th. Wall Street Zen raised Kinetik from a "sell" rating to a "hold" rating in a report on Sunday, April 26th. Wells Fargo & Company raised Kinetik from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $47.00 to $52.00 in a report on Wednesday, March 25th. Finally, Wolfe Research downgraded Kinetik from an "outperform" rating to a "peer perform" rating in a report on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $48.33.

Kinetik Company 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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