Trevor Howard Sells 7,000 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) Stock

Kinetik Holdings Inc. (NASDAQ:KNTK) insider Trevor Howard sold 7,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $37.62, for a total transaction of $263,340.00. Following the completion of the transaction, the insider now directly owns 198,411 shares of the company’s stock, valued at approximately $7,464,221.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Kinetik Stock Performance

Shares of KNTK opened at $39.39 on Thursday. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 2.53 and a beta of 2.79. Kinetik Holdings Inc. has a 52 week low of $26.32 and a 52 week high of $39.42. The stock has a fifty day moving average of $34.49 and a 200-day moving average of $34.54.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. The business had revenue of $348.87 million during the quarter, compared to the consensus estimate of $301.49 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. Kinetik’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share. As a group, equities analysts forecast that Kinetik Holdings Inc. will post 2.01 EPS for the current year.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Thursday, February 22nd were given a dividend of $0.75 per share. The ex-dividend date was Wednesday, February 21st. This represents a $3.00 annualized dividend and a dividend yield of 7.62%. Kinetik’s payout ratio is 132.74%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on KNTK. Royal Bank of Canada assumed coverage on Kinetik in a research note on Monday. They issued an “outperform” rating and a $40.00 price target for the company. JPMorgan Chase & Co. raised Kinetik from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $38.00 to $40.00 in a research report on Friday, March 8th. Finally, Citigroup restated a “neutral” rating and set a $35.00 target price on shares of Kinetik in a research note on Tuesday, December 19th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $39.33.

Institutional Investors Weigh In On Kinetik

A number of large investors have recently bought and sold shares of KNTK. Vanguard Group Inc. grew its stake in Kinetik by 28.2% in the fourth quarter. Vanguard Group Inc. now owns 2,180,143 shares of the company’s stock valued at $72,817,000 after acquiring an additional 479,325 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Kinetik by 5.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 83,212 shares of the company’s stock worth $2,779,000 after purchasing an additional 4,461 shares in the last quarter. American International Group Inc. grew its position in Kinetik by 5.5% in the 4th quarter. American International Group Inc. now owns 9,050 shares of the company’s stock valued at $302,000 after purchasing an additional 474 shares during the period. Virtu Financial LLC bought a new stake in Kinetik during the 4th quarter valued at $223,000. Finally, Legal & General Group Plc lifted its stake in shares of Kinetik by 13.1% in the fourth quarter. Legal & General Group Plc now owns 17,319 shares of the company’s stock valued at $578,000 after buying an additional 2,004 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.