Kinetik (NYSE:KNTK) Trading 8.4% Higher – What’s Next?

Shares of Kinetik Holdings Inc. (NYSE:KNTK) shot up 8.4% during mid-day trading on Wednesday . The stock traded as high as $44.66 and last traded at $44.43. 2,848,852 shares were traded during mid-day trading, an increase of 142% from the average session volume of 1,177,794 shares. The stock had previously closed at $40.99.

Wall Street Analyst Weigh In

A number of research firms have weighed in on KNTK. Scotiabank reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Kinetik in a research report on Friday, January 16th. The Goldman Sachs Group cut their price target on Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Zacks Research downgraded Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Citigroup lowered their price objective on shares of Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a research report on Friday, November 21st. Finally, Royal Bank Of Canada cut their price objective on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.00.

Kinetik Stock Up 8.7%

The stock has a fifty day moving average of $38.03 and a two-hundred day moving average of $38.67. The stock has a market cap of $7.20 billion, a price-to-earnings ratio of 106.12, a price-to-earnings-growth ratio of 1.01 and a beta of 0.73.

Insider Buying and Selling at Kinetik

In other news, insider Matthew Wall sold 8,083 shares of the stock in a transaction dated Friday, January 2nd. The shares were 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 trade represents a 1.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in KNTK. CWM LLC increased its stake in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC grew its holdings in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after purchasing an additional 404 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Kinetik in the fourth quarter valued at $33,000. Los Angeles Capital Management LLC purchased a new position in shares of Kinetik in the fourth quarter valued at $40,000. Finally, Huntington National Bank raised its stake in shares of Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after buying an additional 711 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.