Soltis Investment Advisors LLC Makes New $567,000 Investment in Kinetik Holdings Inc. $KNTK

Soltis Investment Advisors LLC acquired a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 11,303 shares of the company’s stock, valued at approximately $567,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Allworth Financial LP increased 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 purchasing an additional 239 shares during the period. Pinnacle Wealth Planning Services Inc. boosted its stake in shares of Kinetik by 5,693.8% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 927 shares of the company’s stock worth $47,000 after buying an additional 911 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Kinetik during the second quarter worth about $71,000. Signaturefd LLC grew its holdings in shares of Kinetik by 21.3% during the third quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock worth $86,000 after buying an additional 301 shares during the last quarter. Finally, Nykredit A S acquired a new position in Kinetik in the 2nd quarter valued at about $109,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on KNTK shares. Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Raymond James Financial reiterated an “outperform” rating and issued a $57.00 price objective on shares of Kinetik in a research report on Tuesday, October 20th. JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Royal Bank Of Canada boosted their price objective on shares of Kinetik from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 14th. Finally, Citigroup restated a “buy” rating and set a $55.00 price objective (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $55.47.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the stock in a transaction 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 owned 1 shares in the company, valued at approximately $54.77. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 3,929,457 shares of company stock worth $211,858,222 over the last quarter. Corporate insiders own 3.56% of the company’s stock.

Kinetik Trading Up 0.1%

Shares of KNTK opened at $56.63 on Monday. The stock’s 50 day moving average is $54.15 and its two-hundred day moving average is $48.62. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $58.90. The firm has a market capitalization of $9.20 billion, a PE ratio of 20.52, a P/E/G ratio of 1.26 and a beta of 0.67.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. The company’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.33 EPS. On average, sell-side analysts predict that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.