Infrastructure Capital Advisors LLC Sells 253,597 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Infrastructure Capital Advisors cut its Kinetik stake by 98.1%, selling 253,597 shares and retaining 5,025 shares worth approximately $243,000. Institutional investors collectively own 21.11% of the company.
• Wall Street maintains a positive outlook, with Kinetik receiving a consensus “Moderate Buy” rating and an average price target of $50.50; Tudor Pickering initiated coverage with a $57 target.
• Kinetik shares opened at $48.88 after declining 3.1%, while the company’s latest quarterly results missed earnings estimates and revenue fell 7.5% year over year.

Infrastructure Capital Advisors LLC reduced its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 98.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,025 shares of the company's stock after selling 253,597 shares during the quarter. Infrastructure Capital Advisors LLC's holdings in Kinetik were worth $243,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. CWM LLC raised its stake in Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC grew its stake in Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company's stock worth $29,000 after buying an additional 404 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Kinetik during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC bought a new position in Kinetik in the 4th quarter valued at about $40,000. Finally, Huntington National Bank increased its holdings 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 buying an additional 711 shares during the period. Institutional investors own 21.11% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on KNTK. Tudor Pickering began coverage on shares of Kinetik in a report on Monday, July 20th. They set a "buy" rating and a $57.00 price target for the company. Weiss Ratings raised shares of Kinetik from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 6th. Scotiabank restated an "outperform" rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Citigroup restated a "buy" rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Finally, Mizuho raised their target price on Kinetik from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $50.50.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were 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 owned 428,894 shares of the company's stock, valued at $21,667,724.88. This represents a 55.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.56% of the stock is currently owned by insiders.

Kinetik Trading Down 3.1%

Shares of NYSE KNTK opened at $48.88 on Tuesday. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 2.39 and a beta of 0.56. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $52.54. The stock has a 50-day moving average price of $48.21 and a two-hundred day moving average price of $45.86.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.23). The company had revenue of $409.98 million during the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The company's quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 EPS. On average, sell-side analysts predict that Kinetik Holdings Inc. will post 0.68 earnings per share for the current year.

Kinetik Profile

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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