Kinetik (NYSE:KNTK) Insider Purchases $276,560.00 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) insider Jamie Welch purchased 8,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the completion of the transaction, the insider directly owned 3,687,791 shares in the company, valued at $127,486,934.87. This trade represents a 0.22% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link.

Jamie Welch also recently made the following trade(s):

• On Thursday, October 2nd, Jamie Welch bought 5,000 shares of Kinetik stock. The stock was purchased at an average cost of $39.13 per share, with a total value of $195,650.00.

Kinetik Price Performance

KNTK traded down $0.98 during mid-day trading on Monday, hitting $33.97. The stock had a trading volume of 1,452,602 shares, compared to its average volume of 1,131,324. The stock’s fifty day simple moving average is $40.04 and its 200-day simple moving average is $41.81. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of 80.88, a price-to-earnings-growth ratio of 1.03 and a beta of 3.07. Kinetik Holdings Inc. has a 1-year low of $33.81 and a 1-year high of $67.60.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). The firm had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. Kinetik had a net margin of 6.70% and a negative return on equity of 5.39%. Kinetik’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS.

Hedge Funds Weigh In On Kinetik

A number of large investors have recently bought and sold shares of KNTK. Russell Investments Group Ltd. increased its stake in Kinetik by 14.3% in the 1st quarter. Russell Investments Group Ltd. now owns 50,309 shares of the company’s stock valued at $2,613,000 after buying an additional 6,292 shares during the last quarter. Nuveen LLC acquired a new position in shares of Kinetik during the 1st quarter worth about $4,201,000. Northern Trust Corp grew its holdings in shares of Kinetik by 11.4% in the 1st quarter. Northern Trust Corp now owns 436,174 shares of the company’s stock valued at $22,655,000 after acquiring an additional 44,651 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Kinetik by 147.8% in the first quarter. Cetera Investment Advisers now owns 13,183 shares of the company’s stock valued at $685,000 after acquiring an additional 7,862 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in Kinetik by 45.3% during the first quarter. Deutsche Bank AG now owns 405,882 shares of the company’s stock worth $21,082,000 after acquiring an additional 126,603 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

KNTK has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research report on Wednesday, October 8th. The Goldman Sachs Group set a $46.00 target price on Kinetik in a research note on Tuesday, October 14th. Mizuho set a $48.00 target price on shares of Kinetik in a report on Wednesday, October 29th. Barclays cut their price target on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Finally, Wolfe Research reissued an “outperform” rating and set a $42.00 price objective on shares of Kinetik in a research report on Friday. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.90.

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.