Kinetik (NYSE:KNTK) Director Sells $141,085.89 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) Director Deborah Byers sold 2,739 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.51, for a total transaction of $141,085.89. Following the completion of the sale, the director directly owned 24,389 shares in the company, valued at approximately $1,256,277.39. This represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Kinetik Trading Up 3.2%

Shares of KNTK opened at $53.32 on Friday. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $54.12. The firm’s fifty day simple moving average is $48.92 and its 200-day simple moving average is $47.03. The firm has a market capitalization of $8.66 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 1.76 and a beta of 0.56.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.45. The business had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 EPS. On average, analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

KNTK has been the subject of several analyst reports. Mizuho upped their price objective on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Royal Bank Of Canada restated an “outperform” rating and set a $57.00 target price (up from $56.00) on shares of Kinetik in a research note on Tuesday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $51.00 price target on shares of Kinetik in a report on Friday, May 8th. Morgan Stanley set a $64.00 price target on shares of Kinetik and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.87.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently made changes to their positions in KNTK. Comerica Bank grew its stake in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares during the last quarter. AQR Capital Management LLC lifted its stake in Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after buying an additional 522 shares during the last quarter. Millennium Management LLC lifted its stake in Kinetik by 88.7% in the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after buying an additional 62,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Kinetik by 27.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after acquiring an additional 17,034 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in shares of Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after acquiring an additional 2,766 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.