SageView Advisory Group LLC Invests $1.61 Million in Kinetik Holdings Inc. $KNTK

SageView Advisory Group LLC purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the 3rd quarter, Holdings Channel reports. The fund purchased 37,580 shares of the company’s stock, valued at approximately $1,606,000.

Several other large investors have also recently bought and sold shares of KNTK. Aster Capital Management DIFC Ltd purchased a new stake in shares of Kinetik during the 3rd quarter worth $54,000. Fifth Third Bancorp boosted its holdings in Kinetik by 269.2% during the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after buying an additional 1,144 shares in the last quarter. Comerica Bank grew its position in Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Kinetik during the third quarter worth about $87,000. Finally, Strs Ohio purchased a new position in Kinetik in the first quarter valued at about $93,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Insider Activity at Kinetik

In related news, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the completion of the sale, the insider directly owned 393,382 shares of the company’s stock, valued at $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Trevor Howard sold 1,619 shares of Kinetik stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $75,963.48. Following the completion of the transaction, the insider owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. The trade was a 0.64% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 4,015,831 shares of company stock worth $180,054,928. Company insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on KNTK shares. Wolfe Research downgraded shares of Kinetik from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 27th. Zacks Research lowered shares of Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Barclays lifted their price target on Kinetik from $40.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, March 5th. Wells Fargo & Company upped their price objective on shares of Kinetik from $40.00 to $44.00 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Finally, Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a report on Sunday. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $45.82.

Kinetik Stock Up 2.0%

Kinetik stock opened at $46.13 on Thursday. The firm has a fifty day moving average of $41.20 and a 200-day moving average of $39.18. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $54.94. The firm has a market capitalization of $7.45 billion, a P/E ratio of 17.95, a PEG ratio of 1.10 and a beta of 0.70.

Kinetik (NYSE:KNTK) last issued its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The company had revenue of $430.42 million during the quarter. During the same period in the previous year, the company earned $0.01 EPS. Kinetik’s quarterly revenue was up 11.5% on a year-over-year basis.

Kinetik Company Profile

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.