Principal Financial Group Inc. Buys 807,707 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Principal Financial Group increased its stake in Kinetik Holdings by 382.8% in the fourth quarter, buying 807,707 additional shares and bringing its total holding to 1,018,692 shares worth about $36.7 million.
• Kinetik reported weaker-than-expected quarterly results, posting EPS of -$0.07 versus analysts’ estimate of $0.16, while revenue fell 7.5% year over year to $409.98 million.
• Despite mixed analyst sentiment and insider selling, Kinetik’s stock traded at $47.41 with a consensus analyst rating of Moderate Buy and an average price target of $48.42.

Principal Financial Group Inc. raised its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 382.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,018,692 shares of the company's stock after acquiring an additional 807,707 shares during the period. Principal Financial Group Inc. owned about 0.63% of Kinetik worth $36,724,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of KNTK. Comerica Bank grew its position in Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company's stock valued at $80,000 after acquiring an additional 732 shares during the period. AQR Capital Management LLC grew its position in Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock valued at $670,000 after acquiring an additional 522 shares during the period. Millennium Management LLC grew its position in Kinetik by 88.7% in the first quarter. Millennium Management LLC now owns 132,533 shares of the company's stock valued at $6,884,000 after acquiring an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Kinetik by 27.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company's stock valued at $4,131,000 after acquiring an additional 17,034 shares during the period. Finally, Intech Investment Management LLC grew its position in Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company's stock valued at $1,149,000 after acquiring an additional 2,766 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Performance

Kinetik stock opened at $47.41 on Friday. The firm has a market cap of $7.69 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.49 and a beta of 0.61. The business's fifty day moving average is $46.84 and its two-hundred day moving average is $40.77. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $51.11.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a negative return on equity of 38.92% and a net margin of 28.58%.The business's quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.05 earnings per share. On average, equities research analysts predict that Kinetik Holdings Inc. will post 1.02 earnings per share for the current year.

Insider Transactions at Kinetik

In other news, insider Matthew Wall sold 3,222 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $151,176.24. Following the transaction, the insider owned 585,556 shares of the company's stock, valued at $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $44.85, for a total value of $179,400,000.00. Following the transaction, the insider directly owned 1 shares in the company, valued at $44.85. This trade represents a 100.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 5,078,855 shares of company stock worth $232,935,999. 3.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on KNTK. Scotiabank upped their price target on Kinetik from $49.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Tuesday, March 17th. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a research report on Saturday. Barclays boosted their price objective on Kinetik from $44.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Friday, April 10th. UBS Group reduced their price objective on Kinetik from $49.00 to $48.00 and set a "neutral" rating on the stock in a research note on Monday, March 16th. Finally, Mizuho boosted their price objective on Kinetik from $48.00 to $51.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of "Moderate Buy" and an average price target of $48.42.

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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