Allianz Asset Management GmbH Boosts Stock Position in Kinetik Holdings Inc. $KNTK

Allianz Asset Management GmbH boosted its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 105.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,941 shares of the company’s stock after acquiring an additional 4,595 shares during the quarter. Allianz Asset Management GmbH’s holdings in Kinetik were worth $394,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Bell Investment Advisors Inc purchased a new stake in shares of Kinetik in the 1st quarter worth $41,000. Chung Wu Investment Group LLC purchased a new stake in shares of Kinetik in the 2nd quarter worth $56,000. Nisa Investment Advisors LLC lifted its holdings in shares of Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after buying an additional 664 shares during the period. Rossby Financial LCC purchased a new stake in shares of Kinetik in the 1st quarter worth $78,000. Finally, Comerica Bank lifted its holdings in shares of Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $39.38 on Tuesday. The business’s 50-day moving average is $40.89 and its 200 day moving average is $42.23. Kinetik Holdings Inc. has a 1 year low of $35.74 and a 1 year high of $67.60. The firm has a market capitalization of $6.38 billion, a P/E ratio of 53.22, a P/E/G ratio of 1.00 and a beta of 3.11.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The company had revenue of $426.74 million for the quarter. During the same period in the prior year, the company earned $0.54 earnings per share. The company’s quarterly revenue was up 18.7% on a year-over-year basis.

Wall Street Analysts Forecast Growth

KNTK has been the subject of several research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. Scotiabank set a $51.00 target price on Kinetik and gave the stock a “sector outperform” rating in a report on Friday, October 17th. The Goldman Sachs Group set a $46.00 target price on Kinetik in a report on Tuesday, October 14th. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Finally, Barclays decreased their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.70.

Insider Transactions at Kinetik

In other news, insider Jamie Welch acquired 5,000 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were acquired at an average cost of $39.13 per share, with a total value of $195,650.00. Following the completion of the acquisition, the insider owned 3,676,399 shares of the company’s stock, valued at approximately $143,857,492.87. This trade represents a 0.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 3.83% of the stock is owned by corporate insiders.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides 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 Midland, Texas.