Advisors Capital Management LLC Purchases 12,996 Shares of Kinetik Holdings Inc. $KNTK

Advisors Capital Management LLC raised its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 2.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 645,383 shares of the company’s stock after purchasing an additional 12,996 shares during the quarter. Advisors Capital Management LLC owned 0.40% of Kinetik worth $23,266,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of KNTK. Vanguard Group Inc. grew its stake in shares of Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after acquiring an additional 439,586 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Kinetik by 7.4% in the fourth quarter. Geneos Wealth Management Inc. now owns 21,666 shares of the company’s stock worth $781,000 after acquiring an additional 1,488 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Kinetik by 47.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 8,229 shares of the company’s stock worth $297,000 after acquiring an additional 2,644 shares during the period. Eagle Global Advisors LLC grew its stake in shares of Kinetik by 48.7% in the fourth quarter. Eagle Global Advisors LLC now owns 668,961 shares of the company’s stock worth $24,116,000 after acquiring an additional 218,981 shares during the period. Finally, Miller Howard Investments Inc. NY grew its stake in shares of Kinetik by 3.8% in the fourth quarter. Miller Howard Investments Inc. NY now owns 86,375 shares of the company’s stock worth $3,114,000 after acquiring an additional 3,180 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on KNTK shares. Barclays lifted their price target on shares of Kinetik from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a report on Tuesday. Truist Financial started coverage on shares of Kinetik in a report on Tuesday, March 24th. They issued a “buy” rating and a $53.00 price objective on the stock. Wells Fargo & Company raised shares of Kinetik from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $47.00 to $52.00 in a report on Wednesday, March 25th. Finally, Citigroup raised their price objective on shares of Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.08.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $47.46 on Friday. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $49.55. The company has a market capitalization of $7.70 billion, a P/E ratio of 18.47, a P/E/G ratio of 1.52 and a beta of 0.66. The firm’s 50 day simple moving average is $46.10 and its two-hundred day simple moving average is $40.14.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business had revenue of $430.42 million for the quarter. During the same period in the prior year, the firm earned $0.01 EPS. Kinetik’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.01 earnings per share for the current fiscal year.

Insider Activity

In other Kinetik news, insider Matthew Wall sold 3,222 shares of Kinetik stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $151,176.24. Following the transaction, the insider owned 585,556 shares of the company’s stock, valued at $27,474,287.52. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the transaction, the insider directly owned 1 shares in the company, valued at $44.85. This represents a 100.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,167,948 shares of company stock worth $187,477,156 over the last ninety days. Company insiders own 3.83% of the company’s stock.

About Kinetik

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.