Oppenheimer Asset Management Inc. Purchases Shares of 4,843 Kinetik Holdings Inc. $KNTK

Oppenheimer Asset Management Inc. purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,843 shares of the company’s stock, valued at approximately $213,000.

A number of other large investors also recently bought and sold shares of KNTK. Zimmer Partners LP acquired a new position in Kinetik in the first quarter valued at approximately $102,124,000. HITE Hedge Asset Management LLC acquired a new position in Kinetik in the first quarter valued at approximately $18,608,000. Yaupon Capital Management LP acquired a new position in Kinetik in the first quarter valued at approximately $10,388,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Kinetik by 32.0% in the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company’s stock valued at $34,315,000 after acquiring an additional 189,000 shares during the period. Finally, Catalyst Capital Advisors LLC lifted its holdings in Kinetik by 59.2% in the second quarter. Catalyst Capital Advisors LLC now owns 430,740 shares of the company’s stock valued at $18,974,000 after acquiring an additional 160,253 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Kinetik

In other Kinetik news, insider Jamie Welch bought 5,000 shares of the stock in a transaction on Thursday, October 2nd. The shares were bought at an average price of $39.13 per share, with a total value of $195,650.00. Following the purchase, the insider directly owned 3,676,399 shares in the company, valued at $143,857,492.87. This trade represents a 0.14% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.83% of the stock is currently owned by company insiders.

Kinetik Stock Up 4.8%

Shares of KNTK opened at $38.61 on Monday. Kinetik Holdings Inc. has a 52-week low of $35.74 and a 52-week high of $67.60. The firm’s fifty day moving average is $40.73 and its two-hundred day moving average is $42.08. The stock has a market cap of $6.25 billion, a PE ratio of 52.18, a price-to-earnings-growth ratio of 1.14 and a beta of 3.07.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on KNTK. Scotiabank set a $51.00 price target on Kinetik and gave the company a “sector outperform” rating in a report on Friday, October 17th. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. The Goldman Sachs Group set a $46.00 price target on shares of Kinetik in a research note on Tuesday, October 14th. Mizuho set a $48.00 price target on shares of Kinetik in a research note on Wednesday. Finally, Wall Street Zen cut shares of Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.20.

Kinetik 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.