Caxton Associates LLP Invests $1.48 Million in Kinetik Holdings Inc. $KNTK

Caxton Associates LLP acquired a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 33,538 shares of the company’s stock, valued at approximately $1,477,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Zimmer Partners LP bought a new position in shares of Kinetik during the 1st quarter valued at approximately $102,124,000. Geode Capital Management LLC lifted its position in shares of Kinetik by 8.2% in the second quarter. Geode Capital Management LLC now owns 967,950 shares of the company’s stock valued at $42,643,000 after acquiring an additional 73,665 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in shares of 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 in the last quarter. Bank of America Corp DE boosted its stake in shares of Kinetik by 109.7% in the second quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock worth $34,196,000 after acquiring an additional 406,160 shares during the period. Finally, Chickasaw Capital Management LLC grew its position in shares of Kinetik by 7.7% during the second quarter. Chickasaw Capital Management LLC now owns 670,344 shares of the company’s stock worth $29,529,000 after purchasing an additional 47,956 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Down 2.2%

Shares of NYSE:KNTK opened at $35.64 on Tuesday. The firm has a fifty day simple moving average of $36.08 and a two-hundred day simple moving average of $40.25. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $67.60. The stock has a market capitalization of $5.76 billion, a P/E ratio of 84.86, a PEG ratio of 1.99 and a beta of 0.78.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The business had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. During the same period in the previous year, the business posted $0.35 EPS. The firm’s revenue was up 17.1% on a year-over-year basis.

Analysts Set New Price Targets

Several research analysts have weighed in on KNTK shares. Jefferies Financial Group assumed coverage on Kinetik in a research note on Tuesday, December 2nd. They issued a “buy” rating and a $41.00 price target for the company. Scotiabank lowered their target price on shares of Kinetik from $51.00 to $45.00 and set a “sector outperform” rating on the stock in a report on Thursday, November 13th. Wolfe Research restated an “outperform” rating and set a $42.00 target price on shares of Kinetik in a research report on Friday, November 7th. Citigroup reduced their price target on shares of Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Finally, The Goldman Sachs Group decreased their price target on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and a consensus price target of $47.27.

Insider Activity at Kinetik

In related news, insider Jamie Welch bought 8,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $34.57 per share, with a total value of $276,560.00. Following the transaction, the insider owned 3,687,791 shares in the company, valued at $127,486,934.87. This trade represents a 0.22% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.83% of the company’s stock.

About Kinetik

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.