Kinetik Holdings Inc. $KNTK Shares Acquired by Jennison Associates LLC

Jennison Associates LLC lifted its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 33.0% during the fourth quarter, Holdings Channel reports. The firm owned 270,126 shares of the company’s stock after acquiring an additional 66,992 shares during the quarter. Jennison Associates LLC’s holdings in Kinetik were worth $9,738,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in KNTK. CWM LLC increased its position in shares of Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC increased its stake in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after purchasing an additional 404 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Kinetik in the third quarter valued at $54,000. Advisory Services Network LLC acquired a new position in Kinetik in the third quarter valued at $55,000. Finally, GAMMA Investing LLC increased its stake in Kinetik by 569.6% in the fourth quarter. GAMMA Investing LLC now owns 1,761 shares of the company’s stock valued at $63,000 after purchasing an additional 1,498 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Down 2.3%

Shares of KNTK stock opened at $49.39 on Friday. The stock has a market capitalization of $8.01 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 1.56 and a beta of 0.61. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $51.11. The stock’s 50-day moving average price is $46.59 and its 200 day moving average price is $40.48.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $430.42 million for the quarter. During the same quarter last year, the firm earned $0.01 EPS. The business’s revenue was up 11.5% on a year-over-year basis. Analysts expect that Kinetik Holdings Inc. will post 1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Kinetik news, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the transaction, the insider owned 393,382 shares in the company, valued at approximately $18,457,483.44. The trade was a 0.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Matthew Wall sold 3,222 shares of the business’s 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 $151,176.24. Following the transaction, the insider owned 585,556 shares in the company, valued at $27,474,287.52. The trade was a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 4,544,291 shares of company stock worth $205,929,825. Company insiders own 3.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on KNTK shares. Jefferies Financial Group restated a “hold” rating and issued a $50.00 price objective (up from $49.00) on shares of Kinetik in a research note on Wednesday, April 15th. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research report on Tuesday, April 21st. Scotiabank boosted their price target on Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a research report on Tuesday, March 17th. Wells Fargo & Company upgraded Kinetik from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $47.00 to $52.00 in a research report on Wednesday, March 25th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $50.00 price target (up from $49.00) on shares of Kinetik in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.33.

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.