Van ECK Associates Corp purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK – Get Rating) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,723 shares of the company’s stock, valued at approximately $252,000.
Other institutional investors have also recently modified their holdings of the company. Fort Washington Investment Advisors Inc. OH acquired a new position in Kinetik during the third quarter worth $599,000. Pacer Advisors Inc. acquired a new position in Kinetik during the third quarter worth $811,000. Raymond James Financial Services Advisors Inc. acquired a new position in Kinetik during the third quarter worth $1,320,000. Pendal Group Ltd acquired a new position in Kinetik during the third quarter worth $2,342,000. Finally, Mackenzie Financial Corp acquired a new position in Kinetik during the third quarter worth $4,176,000.
Insider Transactions at Kinetik
In related news, insider Todd Carpenter sold 4,000 shares of the stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $32.48, for a total value of $129,920.00. Following the completion of the transaction, the insider now owns 190,645 shares of the company’s stock, valued at $6,192,149.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.51% of the company’s stock.
Analysts Set New Price Targets
Kinetik Price Performance
KNTK stock opened at $32.98 on Wednesday. The stock has a 50-day moving average price of $32.78 and a two-hundred day moving average price of $35.16. Kinetik Holdings Inc. has a 12-month low of $29.05 and a 12-month high of $44.99.
Kinetik (NASDAQ:KNTK – Get Rating) last issued its earnings results on Wednesday, November 9th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.41. The company had revenue of $325.18 million during the quarter, compared to analysts’ expectations of $280.71 million. As a group, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.97 earnings per share for the current fiscal year.
Kinetik Company Profile
Kinetik Holdings, Inc provides oil and gas production and distribution services. It also provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. The company is headquartered in Houston, TX.
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