Envestnet Asset Management Inc. Increases Holdings in Kinetik Holdings Inc. $KNTK

Envestnet Asset Management Inc. grew its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 55.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,270 shares of the company’s stock after acquiring an additional 16,798 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Kinetik were worth $2,082,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of KNTK. IFP Advisors Inc increased its position in Kinetik by 422.6% during the first quarter. IFP Advisors Inc now owns 4,698 shares of the company’s stock worth $245,000 after purchasing an additional 3,799 shares during the last quarter. Allianz Asset Management GmbH purchased a new stake in Kinetik in the first quarter valued at $226,000. Kayne Anderson Capital Advisors LP lifted its stake in shares of Kinetik by 4.4% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company’s stock valued at $43,117,000 after purchasing an additional 34,811 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Kinetik by 147.8% during the 1st quarter. Cetera Investment Advisers now owns 13,183 shares of the company’s stock worth $685,000 after purchasing an additional 7,862 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Kinetik during the 1st quarter worth about $1,511,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Insider Transactions at Kinetik

In other news, insider Jamie Welch acquired 8,000 shares of the business’s stock in a transaction on Monday, November 10th. The stock was bought at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the transaction, the insider owned 3,687,791 shares in the company, valued at $127,486,934.87. This represents a 0.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.83% of the company’s stock.

Kinetik Trading Down 5.0%

Shares of KNTK opened at $32.79 on Tuesday. Kinetik Holdings Inc. has a 12-month low of $32.50 and a 12-month high of $67.60. The company’s 50 day simple moving average is $39.26 and its 200-day simple moving average is $41.51. The firm has a market cap of $5.30 billion, a PE ratio of 78.07, a price-to-earnings-growth ratio of 1.88 and a beta of 3.07.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on KNTK. Barclays dropped their price target on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Scotiabank cut their target price on Kinetik from $51.00 to $45.00 and set a “sector outperform” rating on the stock in a research report on Thursday, November 13th. Wolfe Research reaffirmed an “outperform” rating and issued a $42.00 target price on shares of Kinetik in a research report on Friday, November 7th. Wall Street Zen cut shares of Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Finally, The Goldman Sachs Group lowered their price objective on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Monday. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.70.

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.