Kinetik Holdings Inc. $KNTK Shares Bought by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC grew its position in Kinetik Holdings Inc. (NYSE:KNTK) by 63.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,098,447 shares of the company’s stock after purchasing an additional 428,103 shares during the quarter. Kinetik comprises approximately 1.9% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its 11th biggest holding. Chickasaw Capital Management LLC owned about 0.68% of Kinetik worth $46,948,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Zimmer Partners LP purchased a new position in Kinetik during the 1st quarter worth $102,124,000. RR Advisors LLC acquired a new stake in Kinetik in the second quarter worth about $22,471,000. Adage Capital Partners GP L.L.C. acquired a new stake in Kinetik in the second quarter worth about $22,025,000. Bank of America Corp DE grew its stake in shares of Kinetik by 109.7% during 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 last quarter. Finally, Squarepoint Ops LLC increased its holdings in shares of Kinetik by 1,483.0% during the second quarter. Squarepoint Ops LLC now owns 224,006 shares of the company’s stock valued at $9,867,000 after acquiring an additional 209,855 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Insider Activity at Kinetik

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

Wall Street Analyst Weigh In

A number of research firms recently commented on KNTK. Barclays lowered their target price on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Mizuho set a $48.00 price objective on shares of Kinetik in a research note on Wednesday, October 29th. Wall Street Zen lowered shares of Kinetik from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. The Goldman Sachs Group cut their target price on Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Finally, Wolfe Research restated an “outperform” rating and issued a $42.00 target price on shares of Kinetik in a research note on Friday, November 7th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $47.27.

Kinetik Price Performance

KNTK stock opened at $34.53 on Thursday. The company has a market capitalization of $5.58 billion, a P/E ratio of 82.21, a price-to-earnings-growth ratio of 1.85 and a beta of 0.78. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $67.60. The firm’s fifty day simple moving average is $35.89 and its 200-day simple moving average is $40.14.

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

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.