Squarepoint Ops LLC Makes New Investment in Kinetik Holdings Inc. $KNTK

Key Points

• Squarepoint Ops LLC acquired 57,710 Kinetik shares in the second quarter, valued at approximately $2.79 million. Institutional investors now own 21.11% of the company.
• Kinetik reported strong quarterly results, with EPS of $0.64 versus the $0.19 consensus estimate and revenue of $581.44 million, up 36.3% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $54.00, while Kinetik shares recently traded at $54.84. Meanwhile, insiders sold more than $63 million in stock over the past 90 days.

Squarepoint Ops LLC acquired a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 57,710 shares of the company's stock, valued at approximately $2,790,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Miller Howard Investments Inc. NY raised its position in shares of Kinetik by 69.4% during the 1st quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company's stock valued at $7,083,000 after buying an additional 59,942 shares in the last quarter. Infrastructure Capital Advisors LLC purchased a new position in Kinetik in the fourth quarter worth about $9,323,000. HighTower Advisors LLC grew its position in Kinetik by 33.1% in the fourth quarter. HighTower Advisors LLC now owns 102,906 shares of the company's stock worth $3,710,000 after acquiring an additional 25,574 shares in the last quarter. Diversify Wealth Management LLC bought a new stake in Kinetik during the first quarter worth approximately $1,612,000. Finally, SG Americas Securities LLC increased its stake in Kinetik by 92.6% during the first quarter. SG Americas Securities LLC now owns 274,447 shares of the company's stock worth $13,286,000 after acquiring an additional 131,971 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Performance

Kinetik stock opened at $54.84 on Monday. The company has a market capitalization of $8.90 billion, a PE ratio of 19.87, a P/E/G ratio of 1.35 and a beta of 0.57. The company has a 50 day moving average price of $51.83 and a 200-day moving average price of $48.86. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.92.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on KNTK shares. Zacks Research lowered Kinetik from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. Morgan Stanley reaffirmed an "overweight" rating and set a $70.00 price objective (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. Wall Street Zen raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th. Royal Bank Of Canada restated an "outperform" rating and issued a $57.00 target price (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Finally, Citigroup reaffirmed a "buy" rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.00.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $50.52, for a total value of $11,889,831.48. Following the completion of the sale, the insider directly owned 1,691,370 shares in the company, valued at $85,448,012.40. The trade was a 12.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold a total of 1,203,305 shares of company stock worth $63,061,514 in the last 90 days. Company insiders own 3.56% of the company's stock.

About Kinetik

Kinetik Holdings Inc NYSE: KNTK is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company's operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik's services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.

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