Matthew Wall Sells 8,083 Shares of Kinetik (NYSE:KNTK) Stock

Kinetik Holdings Inc. (NYSE:KNTK) 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 transaction of $291,392.15. Following the completion of the transaction, the insider directly owned 554,738 shares in the company, valued at $19,998,304.90. The trade was a 1.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Kinetik Stock Performance

Shares of KNTK stock opened at $35.61 on Thursday. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $67.60. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 84.79, a PEG ratio of 0.66 and a beta of 0.73. The company has a 50-day simple moving average of $35.23 and a 200 day simple moving average of $39.24.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.20). Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The company had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. During the same period in the prior year, the company earned $0.35 earnings per share. The firm’s revenue was up 17.1% compared to the same quarter last year.

Institutional Investors Weigh In On Kinetik

Large investors have recently bought and sold shares of the company. Chickasaw Capital Management LLC boosted its position in Kinetik by 63.9% in the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock valued at $46,948,000 after buying an additional 428,103 shares in the last quarter. Hardy Reed LLC bought a new position in shares of Kinetik in the 2nd quarter valued at $296,000. Westwood Holdings Group Inc. boosted its holdings in shares of Kinetik by 4.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock valued at $51,930,000 after acquiring an additional 52,058 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of Kinetik by 90.5% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 61,695 shares of the company’s stock valued at $2,637,000 after acquiring an additional 29,303 shares in the last quarter. Finally, TD Asset Management Inc bought a new stake in Kinetik during the 2nd quarter worth $1,750,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Raymond James Financial set a $46.00 price objective on Kinetik in a report on Monday. Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Mizuho set a $48.00 price target on shares of Kinetik in a research report on Wednesday, October 29th. Wolfe Research reissued an “outperform” rating and issued a $42.00 price objective on shares of Kinetik in a report on Friday, November 7th. Finally, The Goldman Sachs Group lowered their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average price target of $47.17.

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.