WBI Investments LLC Makes New $947,000 Investment in Kinetik Holdings Inc. $KNTK

WBI Investments LLC purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 22,166 shares of the company’s stock, valued at approximately $947,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Kinetik by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company’s stock valued at $199,049,000 after purchasing an additional 416,147 shares during the period. Brave Warrior Advisors LLC bought a new position in Kinetik during the third quarter worth about $68,766,000. Invesco Ltd. grew its holdings in Kinetik by 40.2% during the third quarter. Invesco Ltd. now owns 1,449,965 shares of the company’s stock worth $61,972,000 after purchasing an additional 415,505 shares during the period. Westwood Holdings Group Inc. increased its position in Kinetik by 4.6% during the second quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock worth $51,930,000 after buying an additional 52,058 shares during the last quarter. Finally, Chickasaw Capital Management LLC increased its position in Kinetik by 63.9% during the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after buying an additional 428,103 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Insider Transactions at Kinetik

In related news, insider Trevor Howard sold 1,619 shares of the business’s stock in a transaction 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 sale, the insider directly owned 249,795 shares in the company, valued at $11,720,381.40. The trade was a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Matthew Wall sold 3,222 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the transaction, the insider directly owned 585,556 shares in the company, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 4,015,831 shares of company stock valued at $180,054,928. Company insiders own 3.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Zacks Research cut Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Royal Bank Of Canada boosted their target price on Kinetik from $46.00 to $49.00 and gave the stock an “outperform” rating in a report on Tuesday, March 10th. Wells Fargo & Company increased their price target on Kinetik from $44.00 to $47.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Finally, Raymond James Financial set a $46.00 price objective on shares of Kinetik in a research report on Monday, January 5th. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $46.18.

Kinetik Stock Up 1.7%

Shares of KNTK stock opened at $45.40 on Wednesday. The firm has a 50 day moving average price of $41.91 and a two-hundred day moving average price of $39.25. The company has a market capitalization of $7.34 billion, a PE ratio of 17.67, a price-to-earnings-growth ratio of 1.41 and a beta of 0.69. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $54.94.

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

Kinetik 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.