Catalyst Funds Management Pty Ltd Makes New Investment in Kinetik Holdings Inc. $KNTK

Catalyst Funds Management Pty Ltd purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,800 shares of the company’s stock, valued at approximately $255,000.

Several other institutional investors and hedge funds also recently made changes to their positions in KNTK. Bell Investment Advisors Inc acquired a new position in shares of Kinetik in the first quarter worth approximately $41,000. Chung Wu Investment Group LLC acquired a new position in shares of Kinetik in the 2nd quarter worth approximately $56,000. Comerica Bank boosted its stake in shares of Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares during the last quarter. Rossby Financial LCC increased its position in shares of Kinetik by 33.5% during the second quarter. Rossby Financial LCC now owns 2,006 shares of the company’s stock worth $88,000 after buying an additional 503 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Kinetik during the first quarter worth $93,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Barclays cut their price target on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Wolfe Research reiterated an “outperform” rating and issued a $42.00 target price on shares of Kinetik in a report on Friday, November 7th. The Goldman Sachs Group dropped their price target on Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Finally, Royal Bank Of Canada reduced their price objective on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.90.

Kinetik Stock Up 2.9%

Shares of KNTK opened at $32.59 on Friday. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $67.60. The business’s fifty day moving average is $38.43 and its 200 day moving average is $41.27. The stock has a market cap of $5.27 billion, a P/E ratio of 77.60, a P/E/G ratio of 1.73 and a beta of 3.07.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The business had revenue of $463.97 million for the quarter, compared to the consensus estimate of $604.57 million. During the same quarter last year, the firm posted $0.35 EPS. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year.

Insider Activity at Kinetik

In other Kinetik news, insider Jamie Welch bought 8,000 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the acquisition, the insider directly owned 3,687,791 shares of the company’s stock, valued at approximately $127,486,934.87. The trade was a 0.22% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.83% of the stock is currently owned by insiders.

About Kinetik

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.