Kinetik Holdings Inc. (NYSE:KNTK) Sees Large Drop in Short Interest

Kinetik Holdings Inc. (NYSE:KNTK) was the target of a significant decrease in short interest during the month of January. As of January 30th, there was short interest totaling 7,715,320 shares, a decrease of 14.0% from the January 15th total of 8,974,190 shares. Based on an average daily trading volume, of 1,258,481 shares, the short-interest ratio is currently 6.1 days. Currently, 5.0% of the shares of the company are short sold. Currently, 5.0% of the shares of the company are short sold. Based on an average daily trading volume, of 1,258,481 shares, the short-interest ratio is currently 6.1 days.

Insiders Place Their Bets

In other news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following 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 legal filing with the SEC, which is available through this hyperlink. Insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

Several institutional investors have recently added to or reduced their stakes in the company. Brave Warrior Advisors LLC purchased a new stake in Kinetik in the third quarter worth $68,766,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Kinetik by 86.5% in the 4th 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 buying an additional 855,000 shares during the period. Cohen & Steers Inc. lifted its holdings in Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after buying an additional 833,224 shares in the last quarter. Principal Financial Group Inc. boosted its position in Kinetik by 382.8% in the 4th quarter. Principal Financial Group Inc. now owns 1,018,692 shares of the company’s stock valued at $36,724,000 after buying an additional 807,707 shares during the period. Finally, RR Advisors LLC bought a new position in Kinetik in the 2nd quarter worth about $22,471,000. Institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on KNTK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Mizuho set a $48.00 target price on Kinetik in a research note on Wednesday, October 29th. Jefferies Financial Group downgraded Kinetik from a “buy” rating to a “hold” rating and set a $43.00 target price on the stock. in a research note on Friday, February 6th. Finally, Scotiabank restated an “outperform” rating and issued a $48.00 price target on shares of Kinetik in a research note on Friday, January 16th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $46.00.

Kinetik Stock Up 8.1%

Kinetik stock traded up $3.33 during mid-day trading on Wednesday, reaching $44.32. 3,089,611 shares of the company’s stock traded hands, compared to its average volume of 1,185,990. Kinetik has a 12-month low of $31.33 and a 12-month high of $61.73. The stock has a 50 day moving average of $38.03 and a two-hundred day moving average of $38.67. The company has a market cap of $7.16 billion, a price-to-earnings ratio of 105.52, a PEG ratio of 1.01 and a beta of 0.73.

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.