Kinetik Holdings Inc. (NYSE:KNTK) Short Interest Update

Kinetik Holdings Inc. (NYSE:KNTK) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 6,320,000 shares, an increase of 41.7% from the September 30th total of 4,460,000 shares. Approximately 15.7% of the shares of the company are sold short. Based on an average trading volume of 1,290,000 shares, the short-interest ratio is presently 4.9 days. Based on an average trading volume of 1,290,000 shares, the short-interest ratio is presently 4.9 days. Approximately 15.7% of the shares of the company are sold short.

Insider Buying and Selling

In related news, insider Jamie Welch acquired 5,000 shares of Kinetik stock in a transaction on Thursday, October 2nd. The stock was purchased at an average cost of $39.13 per share, with a total value of $195,650.00. Following the purchase, the insider directly owned 3,676,399 shares in the company, valued at approximately $143,857,492.87. The trade was a 0.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

Institutional investors and hedge funds have recently modified their holdings of the company. Bell Investment Advisors Inc acquired a new stake in shares of Kinetik in the 1st quarter worth approximately $41,000. Nisa Investment Advisors LLC grew its holdings in shares of Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after acquiring an additional 664 shares during the period. Chung Wu Investment Group LLC acquired a new stake in shares of Kinetik in the 2nd quarter worth approximately $56,000. Comerica Bank grew its holdings in shares of Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after acquiring an additional 732 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Kinetik in the 1st quarter worth approximately $93,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

NYSE KNTK traded down $0.52 on Tuesday, hitting $37.49. 863,869 shares of the company’s stock were exchanged, compared to its average volume of 1,118,156. The firm’s 50-day moving average price is $40.68 and its two-hundred day moving average price is $42.04. Kinetik has a fifty-two week low of $35.74 and a fifty-two week high of $67.60. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 50.66, a P/E/G ratio of 1.14 and a beta of 3.07.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The company had revenue of $426.74 million for the quarter. During the same quarter in the previous year, the firm posted $0.54 EPS. The business’s revenue for the quarter was up 18.7% on a year-over-year basis.

Analyst Ratings Changes

Several analysts have commented on KNTK shares. Mizuho set a $48.00 price objective on Kinetik in a research note on Wednesday, October 29th. The Goldman Sachs Group set a $46.00 price objective on Kinetik in a research note on Tuesday, October 14th. Barclays reduced their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Scotiabank set a $51.00 price objective on Kinetik and gave the company a “sector outperform” rating in a research note on Friday, October 17th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $51.20.

Kinetik Company Profile

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.