Kinetik (NYSE:KNTK) Insider Sells $151,176.24 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) 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 transaction of $151,176.24. Following the completion of the sale, the insider directly owned 585,556 shares of the company’s stock, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Matthew Wall also recently made the following trade(s):

• On Friday, January 2nd, Matthew Wall sold 8,083 shares of Kinetik stock. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15.

Kinetik Price Performance

KNTK stock traded down $0.16 during trading on Friday, reaching $45.57. The company had a trading volume of 974,173 shares, compared to its average volume of 1,479,206. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $54.94. The business has a 50 day moving average of $40.62 and a 200 day moving average of $39.07. The company has a market cap of $7.36 billion, a P/E ratio of 17.73, a PEG ratio of 1.11 and a beta of 0.70.

Kinetik (NYSE:KNTK) last posted its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm had revenue of $430.42 million for the quarter. During the same quarter last year, the company posted $0.01 EPS. The firm’s revenue was up 11.5% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts have commented on KNTK shares. Jefferies Financial Group lowered Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research report on Friday, February 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Citigroup upped their price objective on shares of Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Monday. Zacks Research lowered shares of Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Finally, Wolfe Research cut Kinetik from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 27th. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $45.55.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Kinetik by 9.4% in the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after acquiring an additional 439,586 shares during the last quarter. Zimmer Partners LP bought a new stake in shares of Kinetik in the 4th quarter worth $98,611,000. Cohen & Steers Inc. increased its holdings in shares of Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after purchasing an additional 833,224 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of 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 worth $66,455,000 after purchasing an additional 855,000 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Kinetik by 22.4% in the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after purchasing an additional 325,251 shares during the last quarter. Hedge funds and other institutional investors own 21.11% 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.