Miller Howard Investments Inc. NY Has $7.08 Million Position in Kinetik Holdings Inc. $KNTK

Miller Howard Investments Inc. NY grew its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 69.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 146,317 shares of the company’s stock after acquiring an additional 59,942 shares during the period. Miller Howard Investments Inc. NY’s holdings in Kinetik were worth $7,083,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of KNTK. ProShare Advisors LLC raised its holdings in shares of Kinetik by 3.5% during the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after acquiring an additional 294 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in Kinetik by 5.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock valued at $238,000 after purchasing an additional 337 shares in the last quarter. Federated Hermes Inc. increased its position in Kinetik by 0.4% in the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after purchasing an additional 346 shares during the last quarter. CWM LLC increased its position in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares during the last quarter. Finally, Captrust Financial Advisors raised its stake in shares of Kinetik by 4.9% during the 4th quarter. Captrust Financial Advisors now owns 8,420 shares of the company’s stock worth $304,000 after purchasing an additional 390 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on KNTK shares. UBS Group reduced their price target on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a report on Monday, March 16th. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Thursday, March 26th. Mizuho raised their price objective on shares of Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Scotiabank reiterated an “outperform” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Finally, Citigroup reiterated a “buy” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.17.

Kinetik Price Performance

Kinetik stock opened at $48.47 on Wednesday. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $51.51. The company’s fifty day moving average price is $47.80 and its two-hundred day moving average price is $43.59. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 19.78, a PEG ratio of 2.43 and a beta of 0.57.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The company had revenue of $409.98 million during the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.Kinetik’s revenue was down 7.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.05 earnings per share. As a group, sell-side analysts anticipate that Kinetik Holdings Inc. will post 0.62 earnings per share for the current year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares of the company’s stock, valued at approximately $21,667,724.88. This trade represents a 55.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 1,071,107 shares of company stock worth $53,172,463. Corporate insiders own 3.56% of the company’s stock.

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.