Crawford Investment Counsel Inc. Buys 94,173 Shares of Kinetik Holdings Inc. $KNTK

Crawford Investment Counsel Inc. lifted its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 30.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 403,348 shares of the company’s stock after acquiring an additional 94,173 shares during the period. Crawford Investment Counsel Inc.’s holdings in Kinetik were worth $14,541,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in KNTK. Comerica Bank boosted its holdings 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 acquiring an additional 732 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after acquiring an additional 522 shares during the period. Millennium Management LLC boosted its holdings in shares of Kinetik by 88.7% in the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after acquiring an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Kinetik by 27.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after acquiring an additional 17,034 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in Kinetik by 14.3% in the 1st quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after purchasing an additional 2,766 shares during the period. 21.11% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the sale, the insider owned 428,894 shares in the company, valued at $21,667,724.88. This trade represents a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 1,071,107 shares of company stock worth $53,172,463 in the last quarter. Company insiders own 3.56% of the company’s stock.

Kinetik Stock Performance

Shares of KNTK stock opened at $45.41 on Wednesday. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $51.51. The company has a market capitalization of $7.37 billion, a PE ratio of 18.53, a price-to-earnings-growth ratio of 2.36 and a beta of 0.57. The business’s fifty day moving average is $47.77 and its 200 day moving average is $43.17.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The firm had revenue of $409.98 million for the quarter. During the same quarter last year, the firm earned $0.05 EPS. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. On average, sell-side analysts forecast that Kinetik Holdings Inc. will post 0.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

KNTK has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Kinetik from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 17th. Mizuho increased their price objective on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Jefferies Financial Group reiterated a “hold” rating and issued a $51.00 price objective on shares of Kinetik in a research report on Friday, May 8th. Royal Bank Of Canada increased their price objective on Kinetik from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Friday, June 5th. Finally, Wells Fargo & Company upgraded Kinetik from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $47.00 to $52.00 in a research report on Wednesday, March 25th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $49.17.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.