Principal Financial Group Inc. Has $36.72 Million Stock Holdings in Kinetik Holdings Inc. $KNTK

Principal Financial Group Inc. increased its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 382.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,018,692 shares of the company’s stock after acquiring an additional 807,707 shares during the quarter. Principal Financial Group Inc.’s holdings in Kinetik were worth $36,724,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in KNTK. Brave Warrior Advisors LLC acquired a new position in shares of Kinetik during the third quarter valued at $68,766,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Kinetik by 86.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock valued at $66,455,000 after buying an additional 855,000 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in Kinetik in the second quarter valued at about $22,025,000. Vanguard Group Inc. lifted its stake in Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock valued at $183,739,000 after buying an additional 439,586 shares during the period. Finally, Invesco Ltd. lifted its stake in Kinetik by 40.2% in the third quarter. Invesco Ltd. now owns 1,449,965 shares of the company’s stock valued at $61,972,000 after buying an additional 415,505 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

NYSE KNTK opened at $47.41 on Friday. The firm has a market cap of $7.69 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.49 and a beta of 0.61. The stock’s 50-day moving average is $46.84 and its 200-day moving average is $40.77. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $51.11.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The business had revenue of $409.98 million for the quarter. Kinetik had a negative return on equity of 38.92% and a net margin of 28.58%.Kinetik’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 earnings per share. Equities analysts anticipate that Kinetik Holdings Inc. will post 1.02 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. UBS Group cut their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Zacks Research raised Kinetik from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 26th. Mizuho increased their target price on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Scotiabank increased their target price on Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a research note on Tuesday, March 17th. Finally, Truist Financial assumed coverage on Kinetik in a research note on Tuesday, March 24th. They issued a “buy” rating and a $53.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.42.

Insiders Place Their Bets

In other news, insider Trevor Howard sold 1,619 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $75,963.48. Following the sale, the insider owned 249,795 shares of the company’s stock, valued at $11,720,381.40. This trade represents a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Matthew Wall sold 3,222 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $151,176.24. Following the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 5,078,855 shares of company stock worth $232,935,999. 3.56% of the stock is 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.