Pictet Asset Management Holding SA Acquires 30,550 Shares of Kinetik Holdings Inc. $KNTK

Pictet Asset Management Holding SA increased its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 6.8% during the 3rd quarter, Holdings Channel.com reports. The fund owned 481,466 shares of the company’s stock after buying an additional 30,550 shares during the period. Pictet Asset Management Holding SA’s holdings in Kinetik were worth $24,170,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Allworth Financial LP boosted its stake in Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after acquiring an additional 239 shares during the period. Pinnacle Wealth Planning Services Inc. raised its position in shares of Kinetik by 5,693.8% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 927 shares of the company’s stock worth $47,000 after purchasing an additional 911 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Kinetik during the 2nd quarter worth approximately $71,000. Signaturefd LLC lifted its holdings in shares of Kinetik by 21.3% in the 3rd quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock worth $86,000 after purchasing an additional 301 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Kinetik by 13,233.3% in the 3rd quarter. Covestor Ltd now owns 2,000 shares of the company’s stock worth $100,000 after purchasing an additional 1,985 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the stock in a transaction that occurred on Tuesday, October 13th. The stock was sold at an average price of $54.77, for a total value of $109,540,000.00. Following the completion of the transaction, the insider directly owned 1 shares of the company’s stock, valued at $54.77. This represents a 100.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 3,279,940 shares of company stock worth $178,803,025 in the last three months. Insiders own 3.56% of the company’s stock.

Kinetik Stock Up 3.0%

Kinetik stock opened at $53.66 on Thursday. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $58.90. The firm has a market capitalization of $8.71 billion, a price-to-earnings ratio of 17.95, a PEG ratio of 1.23 and a beta of 0.67. The firm has a 50-day moving average price of $53.68 and a two-hundred day moving average price of $49.15.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.14). Kinetik had a net margin of 25.65% and a negative return on equity of 42.78%. The firm had revenue of $569.40 million during the quarter. During the same quarter in the prior year, the firm earned $0.03 EPS. The company’s revenue for the quarter was up 22.7% compared to the same quarter last year. Research analysts expect that Kinetik Holdings Inc. will post 1.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on KNTK. Truist Financial boosted their price objective on Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Scotiabank reaffirmed an “outperform” rating and issued a $59.00 target price on shares of Kinetik in a research report on Thursday, October 15th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $58.00 target price on shares of Kinetik in a research report on Wednesday, October 14th. Jefferies Financial Group reiterated a “hold” rating and issued a $54.00 target price (down from $56.00) on shares of Kinetik in a research note on Monday, October 19th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Kinetik in a report on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.36.

About Kinetik

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure. The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.