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

Kinetik Holdings Inc. (NYSE:KNTK) insider Jamie Welch acquired 8,000 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were acquired at an average cost of $34.57 per share, with a total value of $276,560.00. Following the completion of the purchase, the insider owned 3,687,791 shares in the company, valued at approximately $127,486,934.87. This represents a 0.22% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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 bought at an average cost of $39.13 per share, for a total transaction of $195,650.00.

Kinetik Stock Performance

Shares of NYSE:KNTK opened at $33.85 on Thursday. The business’s fifty day moving average price is $39.78 and its two-hundred day moving average price is $41.70. The stock has a market cap of $5.48 billion, a PE ratio of 80.60, a price-to-earnings-growth ratio of 1.91 and a beta of 3.07. Kinetik Holdings Inc. has a one year low of $33.81 and a one year high of $67.60.

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 analysts’ consensus estimates of $0.23 by ($0.20). The company had revenue of $463.97 million during the quarter, compared to analyst estimates of $604.57 million. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The business’s revenue was up 17.1% compared to the same quarter last year. During the same period last year, the firm earned $0.35 earnings per share.

Wall Street Analyst Weigh In

Several research firms have issued reports on KNTK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. Scotiabank set a $51.00 price objective on shares of Kinetik and gave the company a “sector outperform” rating in a research note on Friday, October 17th. The Goldman Sachs Group set a $46.00 target price on shares of Kinetik in a research note on Tuesday, October 14th. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 13th. Finally, Barclays reduced their price target on Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Seven 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 a consensus target price of $50.90.

Hedge Funds Weigh In On Kinetik

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bell Investment Advisors Inc acquired a new position in shares of Kinetik in the 1st quarter valued at $41,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Kinetik in the 3rd quarter worth $54,000. Chung Wu Investment Group LLC acquired a new position in Kinetik in the second quarter valued at $56,000. Nisa Investment Advisors LLC grew its position in Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock valued at $59,000 after acquiring an additional 664 shares during the period. Finally, Fifth Third Bancorp increased its stake in Kinetik by 269.2% during the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after acquiring an additional 1,144 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.