TD Asset Management Inc Takes Position in Kinetik Holdings Inc. $KNTK

TD Asset Management Inc purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 39,726 shares of the company’s stock, valued at approximately $1,750,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Illinois Municipal Retirement Fund acquired a new position in shares of Kinetik in the 1st quarter valued at about $615,000. Catalyst Capital Advisors LLC boosted its holdings in shares of Kinetik by 10.2% in the 1st quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company’s stock valued at $14,049,000 after buying an additional 24,933 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Kinetik in the 1st quarter valued at about $970,000. Russell Investments Group Ltd. boosted its holdings in shares of Kinetik by 14.3% in the 1st quarter. Russell Investments Group Ltd. now owns 50,309 shares of the company’s stock valued at $2,613,000 after buying an additional 6,292 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Kinetik in the 1st quarter valued at about $4,201,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Kinetik

In related news, insider Jamie Welch purchased 5,000 shares of the company’s stock in a transaction on Thursday, October 2nd. The shares were bought at an average cost of $39.13 per share, for a total transaction of $195,650.00. Following the transaction, the insider owned 3,676,399 shares of the company’s stock, valued at $143,857,492.87. This represents a 0.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on KNTK. Barclays decreased their price target on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. The Goldman Sachs Group set a $46.00 price objective on shares of Kinetik in a research report on Tuesday, October 14th. Scotiabank set a $51.00 price objective on shares of Kinetik and gave the company a “sector outperform” rating in a research report on Friday. Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $52.44.

Kinetik Trading Down 0.3%

KNTK stock opened at $36.54 on Wednesday. Kinetik Holdings Inc. has a 52 week low of $35.74 and a 52 week high of $67.60. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of 49.38, a price-to-earnings-growth ratio of 0.91 and a beta of 3.11. The firm’s 50-day moving average is $40.98 and its two-hundred day moving average is $42.34.

Kinetik (NYSE:KNTK) last released 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. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. The company had revenue of $426.74 million for the quarter. During the same quarter last year, the firm posted $0.54 earnings per share. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year.

Kinetik 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.