CIBC Private Wealth Group LLC Boosts Stock Holdings in Kinetik Holdings Inc. $KNTK

CIBC Private Wealth Group LLC raised its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 49.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 643,338 shares of the company’s stock after acquiring an additional 213,694 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.40% of Kinetik worth $27,496,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of KNTK. Federated Hermes Inc. grew its position in shares of Kinetik by 0.4% during the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock valued at $3,926,000 after purchasing an additional 346 shares in the last quarter. SL Advisors LLC increased its holdings in shares of Kinetik by 1.7% in the third quarter. SL Advisors LLC now owns 22,306 shares of the company’s stock worth $953,000 after purchasing an additional 379 shares during the last quarter. Apollon Wealth Management LLC lifted its position in shares of Kinetik by 6.9% in the third quarter. Apollon Wealth Management LLC now owns 5,990 shares of the company’s stock worth $256,000 after buying an additional 388 shares in the last quarter. Aquatic Capital Management LLC boosted its stake in Kinetik by 0.8% during the third quarter. Aquatic Capital Management LLC now owns 61,058 shares of the company’s stock valued at $2,610,000 after buying an additional 479 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after buying an additional 522 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 1.8%

Shares of KNTK opened at $46.59 on Friday. The company’s fifty day simple moving average is $42.32 and its 200-day simple moving average is $39.35. The company has a market cap of $7.53 billion, a P/E ratio of 18.13, a P/E/G ratio of 1.45 and a beta of 0.70. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $54.94.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The firm had revenue of $430.42 million during the quarter. During the same period in the prior year, the firm posted $0.01 earnings per share. Kinetik’s revenue for the quarter was up 11.5% on a year-over-year basis.

Insiders Place Their Bets

In other news, insider Steven Stellato sold 2,907 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the sale, the insider directly owned 393,382 shares in the company, valued at approximately $18,457,483.44. This represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $44.85, for a total value of $179,400,000.00. Following the sale, the insider directly owned 1 shares of the company’s stock, valued at $44.85. This represents a 100.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,015,831 shares of company stock worth $180,054,928 over the last three months. 3.83% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

KNTK has been the subject of several research analyst reports. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a report on Friday, February 6th. UBS Group lowered their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Wells Fargo & Company upped their price target on shares of Kinetik from $44.00 to $47.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th. Finally, Scotiabank increased their price objective on shares of Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.27.

Kinetik Company 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.