Y Intercept Hong Kong Ltd Purchases Shares of 75,722 Kinetik Holdings Inc. $KNTK

Y Intercept Hong Kong Ltd purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 75,722 shares of the company’s stock, valued at approximately $3,336,000.

Other large investors have also added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new stake in Kinetik during the first quarter valued at about $41,000. Chung Wu Investment Group LLC bought a new stake in shares of Kinetik in the second quarter worth about $56,000. Nisa Investment Advisors LLC grew its stake in shares of Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after purchasing an additional 664 shares during the last quarter. Rossby Financial LCC bought a new stake in shares of Kinetik in the first quarter worth about $78,000. Finally, Comerica Bank grew its stake in shares of Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after purchasing an additional 732 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Insider Activity

In other Kinetik news, insider Jamie Welch bought 5,000 shares of the stock in a transaction dated Thursday, October 2nd. The stock was purchased 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 approximately $143,857,492.87. This trade represents a 0.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.83% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on KNTK. Scotiabank set a $51.00 target price on Kinetik and gave the stock a “sector outperform” rating in a research note on Friday, October 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research report on Wednesday, October 8th. The Goldman Sachs Group set a $46.00 price objective on Kinetik in a research report on Tuesday, October 14th. Wolfe Research raised Kinetik from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Wednesday, October 22nd. Finally, Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.20.

Kinetik Stock Performance

KNTK stock opened at $37.63 on Thursday. The firm has a 50 day moving average price of $40.83 and a 200-day moving average price of $42.17. Kinetik Holdings Inc. has a 52-week low of $35.74 and a 52-week high of $67.60. The firm has a market capitalization of $6.09 billion, a price-to-earnings ratio of 50.85, a PEG ratio of 1.14 and a beta of 3.11.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. The firm had revenue of $426.74 million during the quarter. During the same quarter in the previous year, the business posted $0.54 earnings per share. Kinetik’s revenue for the quarter was up 18.7% on a year-over-year basis.

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.