Duff & Phelps Investment Management Co. Boosts Position in Kinetik Holdings Inc. $KNTK

Duff & Phelps Investment Management Co. lifted its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 91.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,578 shares of the company’s stock after acquiring an additional 17,039 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Kinetik were worth $1,521,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KNTK. Aster Capital Management DIFC Ltd bought a new stake in Kinetik in the third quarter valued at $54,000. Fifth Third Bancorp raised its holdings in Kinetik by 269.2% in the 3rd quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after purchasing an additional 1,144 shares in the last quarter. Comerica Bank raised its holdings in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after purchasing an additional 732 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Kinetik in the 3rd quarter worth about $87,000. Finally, Strs Ohio purchased a new stake in shares of Kinetik in the 1st quarter worth about $93,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of NYSE KNTK opened at $45.26 on Friday. The firm’s 50 day moving average price is $41.38 and its 200-day moving average price is $39.22. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $54.94. The company has a market cap of $7.31 billion, a PE ratio of 17.61, a P/E/G ratio of 1.28 and a beta of 0.70.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Raymond James Financial set a $46.00 price target on shares of Kinetik in a research report on Monday, January 5th. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a research report on Friday, February 6th. Scotiabank upped their target price on Kinetik from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a report on Thursday, March 5th. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, March 8th. Finally, Wells Fargo & Company raised their target price on Kinetik from $40.00 to $44.00 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $45.82.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the sale, the insider directly owned 1 shares of the company’s stock, valued at $44.85. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Trevor Howard sold 1,619 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $75,963.48. Following the sale, the insider directly owned 249,795 shares in the company, valued at $11,720,381.40. This trade represents a 0.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,015,831 shares of company stock worth $180,054,928 in the last 90 days. 3.83% of the stock is currently owned by company insiders.

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.