Kinetik Holdings Inc. $KNTK Shares Newly Purchased by M&G PLC

M&G PLC purchased a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 261,924 shares of the company’s stock, valued at approximately $13,096,000. M&G PLC owned 0.16% of Kinetik at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in KNTK. Allworth Financial LP boosted its holdings in shares of Kinetik by 72.4% during the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after buying an additional 239 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its position in Kinetik by 5,693.8% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 927 shares of the company’s stock valued at $47,000 after acquiring an additional 911 shares during the period. Integrated Wealth Concepts LLC purchased a new position in Kinetik during the 2nd quarter valued at about $71,000. Signaturefd LLC boosted its stake in Kinetik by 21.3% during the third quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock worth $86,000 after acquiring an additional 301 shares in the last quarter. Finally, Covestor Ltd grew its holdings in Kinetik by 13,233.3% in the third quarter. Covestor Ltd now owns 2,000 shares of the company’s stock worth $100,000 after purchasing an additional 1,985 shares during the period. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Kinetik stock opened at $52.06 on Wednesday. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $58.90. The stock has a market capitalization of $8.45 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 1.18 and a beta of 0.67. The business’s fifty day moving average is $53.71 and its 200 day moving average is $49.08.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.14). Kinetik had a negative return on equity of 42.78% and a net margin of 25.65%. The business had revenue of $569.40 million during the quarter. During the same period last year, the firm earned $0.03 EPS. The business’s quarterly revenue was up 22.7% compared to the same quarter last year. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.36 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of Kinetik stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total value of $819,937.23. Following the completion of the sale, the insider directly owned 961,114 shares in the company, valued at $52,928,547.98. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 3,393,015 shares of company stock worth $184,637,695. Company insiders own 3.56% of the company’s stock.

Analyst Ratings Changes

KNTK has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price objective on Kinetik from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday. Scotiabank reaffirmed an “outperform” rating and issued a $59.00 target price on shares of Kinetik in a report on Thursday, October 15th. Royal Bank Of Canada lifted their target price on shares of Kinetik from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 14th. Clear Str downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $57.00 price target on shares of Kinetik in a report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average target price of $56.36.

Kinetik Profile

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure. The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.