Kinetik Holdings Inc. $KNTK Holdings Increased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 29.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,162 shares of the company’s stock after acquiring an additional 13,892 shares during the period. Envestnet Asset Management Inc.’s holdings in Kinetik were worth $2,614,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank boosted its stake in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Kinetik in the third quarter valued at $87,000. Rossby Financial LCC boosted its stake in Kinetik by 33.5% during the second quarter. Rossby Financial LCC now owns 2,006 shares of the company’s stock valued at $88,000 after buying an additional 503 shares in the last quarter. Strs Ohio acquired a new position in Kinetik during the first quarter worth about $93,000. Finally, Ameritas Investment Partners Inc. raised its position in Kinetik by 16.8% in the second quarter. Ameritas Investment Partners Inc. now owns 4,526 shares of the company’s stock worth $199,000 after acquiring an additional 650 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Up 8.0%

Kinetik stock opened at $47.01 on Friday. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $59.74. The stock has a market cap of $7.60 billion, a P/E ratio of 111.93, a P/E/G ratio of 1.06 and a beta of 0.73. The company’s fifty day simple moving average is $39.32 and its 200-day simple moving average is $38.87.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The firm had revenue of $430.42 million during the quarter. During the same period in the previous year, the business posted $0.01 EPS. Kinetik’s revenue for the quarter was up 11.5% on a year-over-year basis.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Scotiabank restated an “outperform” rating and set a $48.00 price objective on shares of Kinetik in a research report on Friday, January 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a research note on Thursday, January 22nd. Raymond James Financial set a $46.00 price target on shares of Kinetik in a research report on Monday, January 5th. The Goldman Sachs Group cut their price objective on Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Finally, Wolfe Research cut Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $46.00.

Insider Activity at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the sale, the insider owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. The trade was a 1.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.83% of the company’s stock.

Kinetik Profile

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.