9,138 Shares in Kinetik Holdings Inc. $KNTK Acquired by Mutual Advisors LLC

Mutual Advisors LLC acquired a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 9,138 shares of the company’s stock, valued at approximately $376,000.

A number of other hedge funds have also recently added to or reduced their stakes in KNTK. Sequoia Financial Advisors LLC acquired a new stake in Kinetik in the first quarter valued at approximately $970,000. Illinois Municipal Retirement Fund acquired a new stake in Kinetik in the first quarter valued at approximately $615,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Kinetik by 34.1% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company’s stock valued at $30,645,000 after acquiring an additional 150,000 shares during the period. KBC Group NV acquired a new stake in Kinetik in the first quarter valued at approximately $95,000. Finally, Rossby Financial LCC acquired a new stake in Kinetik in the first quarter valued at approximately $78,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analysts Set New Price Targets

KNTK has been the subject of a number of research reports. Barclays reduced their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. The Goldman Sachs Group set a $46.00 target price on Kinetik in a report on Tuesday, October 14th. Mizuho set a $53.00 target price on Kinetik and gave the company an “outperform” rating in a report on Friday, August 29th. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 13th. Finally, Scotiabank set a $51.00 target price on Kinetik and gave the company a “sector outperform” rating in a report on Friday. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.44.

Insider Buying and Selling

In other Kinetik news, insider Jamie Welch purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The shares were acquired at an average cost of $39.13 per share, for a total transaction of $195,650.00. Following the completion of the acquisition, the insider owned 3,676,399 shares of the company’s stock, valued at $143,857,492.87. The trade was a 0.14% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.83% of the company’s stock.

Kinetik Trading Up 2.0%

Shares of Kinetik stock opened at $36.53 on Tuesday. The business’s fifty day simple moving average is $41.09 and its 200 day simple moving average is $42.38. The firm has a market capitalization of $5.92 billion, a P/E ratio of 49.36, a price-to-earnings-growth ratio of 0.89 and a beta of 3.11. Kinetik Holdings Inc. has a 12 month low of $35.74 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.19. The business had revenue of $426.74 million for the quarter. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The business’s revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 earnings per share.

Kinetik Company Profile

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.