Covalis Capital LLP Purchases New Shares in Kinetik Holdings Inc. $KNTK

Covalis Capital LLP acquired a new stake in Kinetik Holdings Inc. (NYSE:KNTK) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 108,953 shares of the company’s stock, valued at approximately $4,799,000.

Several other hedge funds have also recently modified their holdings of the company. Rossby Financial LCC grew its holdings in shares of Kinetik by 33.5% in the second quarter. Rossby Financial LCC now owns 2,006 shares of the company’s stock valued at $88,000 after acquiring an additional 503 shares in the last quarter. AQR Capital Management LLC grew its stake in Kinetik by 4.2% in the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after purchasing an additional 522 shares during the period. Jump Financial LLC increased its position in shares of Kinetik by 1.6% during the 1st quarter. Jump Financial LLC now owns 42,559 shares of the company’s stock valued at $2,211,000 after purchasing an additional 679 shares during the last quarter. Comerica Bank increased its position in shares of Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares during the last quarter. Finally, Bell Investment Advisors Inc bought a new stake in shares of Kinetik during the 1st quarter worth $41,000. Institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on KNTK shares. Royal Bank Of Canada decreased their price objective on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a report on Wednesday. Barclays decreased their target price on Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Citigroup lowered their target price on Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.90.

Kinetik Stock Performance

NYSE:KNTK opened at $32.59 on Friday. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $67.60. The firm has a market cap of $5.27 billion, a price-to-earnings ratio of 77.60, a PEG ratio of 1.78 and a beta of 3.07. The business’s fifty day moving average is $38.43 and its 200 day moving average is $41.27.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.20). Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The company had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. During the same quarter in the prior year, the business earned $0.35 EPS. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year.

Insider Buying and Selling

In other news, insider Jamie Welch bought 8,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average price of $34.57 per share, with a total value of $276,560.00. Following the acquisition, the insider owned 3,687,791 shares of the company’s stock, valued at approximately $127,486,934.87. The trade was a 0.22% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 3.83% of the company’s stock.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.