Wellington Management Group LLP Reduces Stock Holdings in Kinetik Holdings Inc. $KNTK

Key Points

• Wellington Management cut its Kinetik stake by 43.4% during the second quarter, selling 381,441 shares and retaining 497,603 shares, or about 0.31% of the company. Other institutional investors, including Millennium Management and UBS Asset Management, increased their positions.
• Analysts remain broadly positive, with Kinetik carrying a “Moderate Buy” consensus rating and an average price target of $53.27. Recent ratings included “buy,” “outperform,” and “overweight” recommendations, with targets as high as $57.
• Kinetik reported strong quarterly results, posting $0.64 EPS versus the $0.19 estimate and revenue of $581.44 million, up 36.3% year over year. The stock opened at $54.49, near its 52-week high of $56.10, while insiders have sold $59.3 million of shares over the past 90 days.

Wellington Management Group LLP lessened its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 43.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 497,603 shares of the company's stock after selling 381,441 shares during the quarter. Wellington Management Group LLP owned about 0.31% of Kinetik worth $24,054,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of KNTK. Comerica Bank raised its stake in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company's stock worth $80,000 after acquiring an additional 732 shares in the last quarter. AQR Capital Management LLC lifted 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 last quarter. Millennium Management LLC boosted its stake 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 in the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company's stock worth $1,149,000 after purchasing an additional 2,766 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on KNTK. Wells Fargo & Company reiterated an "overweight" rating and set a $54.00 target price on shares of Kinetik in a research report on Monday, August 10th. US Capital Advisors raised Kinetik from a "moderate buy" rating to a "strong-buy" rating in a research report on Friday, May 29th. 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 on the stock. Scotiabank reaffirmed an "outperform" rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Finally, Weiss Ratings upgraded Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.27.

Kinetik Stock Performance

NYSE KNTK opened at $54.49 on Friday. The firm has a market cap of $8.85 billion, a PE ratio of 19.74, a P/E/G ratio of 1.34 and a beta of 0.57. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $56.10. The firm's fifty day moving average is $51.17 and its two-hundred day moving average is $48.45.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly 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 firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business's revenue was up 36.3% on a year-over-year basis. During the same quarter last year, the company posted $0.33 earnings per share. Research analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $55.06, for a total value of $2,501,265.68. Following the transaction, the insider directly owned 797,136 shares in the company, valued at approximately $43,890,308.16. This trade represents a 5.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Deborah Byers sold 2,739 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.51, for a total value of $141,085.89. Following the completion of the transaction, the director directly owned 24,389 shares in the company, valued at approximately $1,256,277.39. The trade was a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,134,497 shares of company stock valued at $59,265,751 over the last ninety days. 3.56% of the stock is owned by insiders.

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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