Catalyst Capital Advisors LLC Sells 24,896 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Catalyst Capital Advisors reduced its Kinetik stake by 5.8% in the fourth quarter, selling 24,896 shares and ending with 401,767 shares worth about $14.5 million.
• Insider selling has been notable, including recent sales by Trevor Howard and major shareholder Isq Global Fund Ii Gp Llc; insiders sold about 1.08 million shares worth $53.5 million over the last 90 days.
• Analysts remain mixed on KNTK: the stock has a consensus “Moderate Buy” rating with an average price target of $48.92, though some firms trimmed targets or turned more cautious after the company missed earnings estimates.

Catalyst Capital Advisors LLC decreased its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 5.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401,767 shares of the company's stock after selling 24,896 shares during the period. Catalyst Capital Advisors LLC owned approximately 0.25% of Kinetik worth $14,484,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. CWM LLC boosted its stake in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company's stock worth $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC lifted its position in Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company's stock valued at $29,000 after acquiring an additional 404 shares in the last quarter. Huntington National Bank lifted its position in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company's stock valued at $44,000 after acquiring an additional 711 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Kinetik in the 3rd quarter valued at approximately $54,000. Finally, Advisory Services Network LLC bought a new position in Kinetik in the 3rd quarter valued at approximately $55,000. Institutional investors own 21.11% of the company's stock.

Insider Buying and Selling

In related news, insider Trevor Howard sold 1,619 shares of the firm's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $75,963.48. Following the transaction, the insider directly owned 249,795 shares of the company's stock, valued at approximately $11,720,381.40. This trade represents a 0.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the transaction, the insider directly owned 428,894 shares in the company, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,078,855 shares of company stock valued at $53,535,999 in the last 90 days. 3.56% of the stock is owned by company insiders.

Analyst Ratings Changes

KNTK has been the topic of several analyst reports. UBS Group lowered their price objective on Kinetik from $49.00 to $48.00 and set a "neutral" rating on the stock in a research report on Monday, March 16th. Wall Street Zen cut Kinetik from a "sell" rating to a "strong sell" rating in a research report on Sunday, May 17th. Citigroup reaffirmed a "buy" rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $50.00 price objective (up from $49.00) on shares of Kinetik in a research report on Thursday, April 16th. Finally, Barclays set a $50.00 price objective on Kinetik and gave the company an "equal weight" rating in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Kinetik currently has an average rating of "Moderate Buy" and an average price target of $48.92.

Kinetik Stock Performance

Shares of Kinetik stock opened at $45.91 on Friday. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $51.51. The stock's fifty day moving average is $48.03 and its 200 day moving average is $42.03. The stock has a market cap of $7.45 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.91 and a beta of 0.61.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The company had revenue of $409.98 million during the quarter. During the same quarter in the prior year, the company posted $0.05 earnings per share. The business's revenue for the quarter was down 7.5% compared to the same quarter last year. Analysts predict that Kinetik Holdings Inc. will post 0.78 EPS for the current year.

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.

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