Insider Selling: Kinetik (NYSE:KNTK) Insider Sells $291,392.15 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) insider Matthew Wall sold 8,083 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider owned 554,738 shares in the company, valued at $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Kinetik Trading Up 2.5%

NYSE KNTK opened at $36.46 on Friday. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $67.60. The stock has a 50-day simple moving average of $35.22 and a 200 day simple moving average of $39.23. The company has a market capitalization of $5.89 billion, a PE ratio of 86.81, a P/E/G ratio of 0.66 and a beta of 0.73.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, November 5th. The company reported $0.03 earnings per share (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 for the quarter, compared to analyst estimates of $604.57 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Kinetik’s quarterly revenue was up 17.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of recent analyst reports. Mizuho set a $48.00 price objective on shares of Kinetik in a research report on Wednesday, October 29th. Scotiabank lowered their price target on Kinetik from $51.00 to $45.00 and set a “sector outperform” rating for the company in a report on Thursday, November 13th. Jefferies Financial Group started coverage on Kinetik in a research note on Tuesday, December 2nd. They set a “buy” rating and a $41.00 target price for the company. Royal Bank Of Canada cut their price target on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 19th. Finally, Wolfe Research reissued an “outperform” rating and set a $42.00 price objective on shares of Kinetik in a research report on Friday, November 7th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $47.17.

Hedge Funds Weigh In On Kinetik

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Kinetik by 9.8% in the third quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company’s stock valued at $199,049,000 after purchasing an additional 416,147 shares during the last quarter. Zimmer Partners LP acquired a new stake in Kinetik in the 1st quarter valued at $102,124,000. Brave Warrior Advisors LLC bought a new stake in Kinetik during the 3rd quarter worth about $68,766,000. Invesco Ltd. lifted its position in Kinetik by 40.2% during the 3rd quarter. Invesco Ltd. now owns 1,449,965 shares of the company’s stock worth $61,972,000 after buying an additional 415,505 shares in the last quarter. Finally, Westwood Holdings Group Inc. boosted its stake in shares of Kinetik by 4.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock worth $51,930,000 after buying an additional 52,058 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Company Profile

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.