Axxcess Wealth Management LLC Acquires Shares of 15,955 Kinetik Holdings Inc. $KNTK

Axxcess Wealth Management LLC bought a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK) in the 1st quarter, Holdings Channel reports. The institutional investor bought 15,955 shares of the company’s stock, valued at approximately $772,000.

A number of other large investors have also recently modified their holdings of the business. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after purchasing an additional 30,600 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Kinetik by 9.3% in the first quarter. New York State Teachers Retirement System now owns 22,909 shares of the company’s stock valued at $1,109,000 after buying an additional 1,947 shares during the period. Private Advisor Group LLC increased its stake in Kinetik by 28.3% in the first quarter. Private Advisor Group LLC now owns 13,528 shares of the company’s stock valued at $655,000 after purchasing an additional 2,985 shares in the last quarter. Essex Financial Services Inc. raised its stake in Kinetik by 2.8% during the 1st quarter. Essex Financial Services Inc. now owns 19,057 shares of the company’s stock worth $923,000 after buying an additional 515 shares during the period. Finally, North Star Investment Management Corp. acquired a new position in Kinetik during the first quarter worth $182,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

KNTK stock opened at $48.23 on Friday. The company has a market capitalization of $7.83 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 2.52 and a beta of 0.56. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $51.51. The company’s 50 day moving average price is $48.04 and its two-hundred day moving average price is $44.64.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The business had revenue of $409.98 million during the quarter. During the same period last year, the business earned $0.05 earnings per share. The business’s quarterly revenue was down 7.5% compared to the same quarter last year. On average, research analysts predict that Kinetik Holdings Inc. will post 0.62 EPS for the current year.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the sale, the insider directly owned 428,894 shares of the company’s stock, valued at $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 1,071,107 shares of company stock valued at $53,172,463. 3.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on KNTK. Jefferies Financial Group reiterated a “hold” rating and issued a $51.00 target price on shares of Kinetik in a report on Friday, May 8th. Truist Financial started coverage on Kinetik in a research report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price target on the stock. Barclays set a $50.00 price target on shares of Kinetik and gave the company an “equal weight” rating in a research note on Thursday, May 14th. Citigroup reaffirmed a “buy” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada lifted their price objective on shares of Kinetik from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Friday, June 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.17.

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.