Deborah Byers Sells 2,739 Shares of Kinetik (NYSE:KNTK) Stock

Kinetik Holdings Inc. (NYSE:KNTK) Director Deborah Byers sold 2,739 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $51.51, for a total value of $141,085.89. Following the sale, the director directly owned 24,389 shares of the company’s stock, valued at approximately $1,256,277.39. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Kinetik Price Performance

Kinetik stock opened at $53.32 on Friday. The stock’s 50-day moving average is $48.92 and its 200-day moving average is $47.03. The company has a market cap of $8.66 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 1.70 and a beta of 0.56. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $54.12.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same period in the previous year, the company posted $0.33 EPS. The company’s revenue was up 36.3% compared to the same quarter last year. Research analysts anticipate that Kinetik Holdings Inc. will post 0.97 EPS for the current year.

Institutional Investors Weigh In On Kinetik

Hedge funds have recently modified their holdings of the stock. Comerica Bank lifted its position 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 acquiring an additional 732 shares in the last quarter. AQR Capital Management LLC grew its position 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 acquiring an additional 522 shares in the last quarter. Millennium Management LLC raised its stake in shares of Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after purchasing an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Kinetik by 27.3% during 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 purchasing an additional 17,034 shares during the period. Finally, Intech Investment Management LLC lifted its position in shares of Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,766 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Kinetik in a research report on Tuesday. Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Mizuho raised their target price on shares of Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Wells Fargo & Company restated an “overweight” rating and set a $54.00 target price on shares of Kinetik in a report on Monday. Finally, Morgan Stanley set a $64.00 target price on shares of Kinetik and gave the company an “overweight” rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $52.87.

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.