Kinetik Holdings Inc. $KNTK Stake Lessened by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management cut its stake in Kinetik by 79.0% in Q3, selling 433,305 shares and retaining 115,054 shares valued at about $4.92 million (≈0.07% of the company).
• Company insiders have been net sellers recently — they sold 4,015,831 shares worth about $180.05 million in the last 90 days (insiders now own 3.83% of the company), including recent smaller sales by Steven Stellato and Trevor Howard.
• Kinetik reported a large earnings beat (EPS of $2.16 vs. $0.15 expected) and 11.5% revenue growth, while analysts have nudged up price targets but the consensus rating remains roughly a "Hold" with an average target of $45.82.

HITE Hedge Asset Management LLC lessened its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 79.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 115,054 shares of the company's stock after selling 433,305 shares during the period. HITE Hedge Asset Management LLC owned about 0.07% of Kinetik worth $4,917,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Kinetik by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company's stock worth $199,049,000 after acquiring an additional 416,147 shares in the last quarter. Invesco Ltd. grew its stake in Kinetik by 40.2% during the 3rd quarter. Invesco Ltd. now owns 1,449,965 shares of the company's stock valued at $61,972,000 after acquiring an additional 415,505 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in Kinetik by 4.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company's stock valued at $51,930,000 after acquiring an additional 52,058 shares in the last quarter. Chickasaw Capital Management LLC increased its holdings in shares of Kinetik by 63.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company's stock valued at $46,948,000 after purchasing an additional 428,103 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Kinetik by 26.9% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 988,400 shares of the company's stock valued at $42,244,000 after purchasing an additional 209,400 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Kinetik

In other news, insider Steven Stellato sold 2,907 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $136,396.44. Following the transaction, the insider owned 393,382 shares in the company, valued at $18,457,483.44. This represents a 0.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Trevor Howard sold 1,619 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $75,963.48. Following the transaction, the insider owned 249,795 shares in the company, valued at $11,720,381.40. This represents a 0.64% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 4,015,831 shares of company stock worth $180,054,928. Company insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

KNTK has been the subject of several research reports. Royal Bank Of Canada raised their price target on shares of Kinetik from $46.00 to $49.00 and gave the stock an "outperform" rating in a report on Tuesday. Citigroup upped their price objective on shares of Kinetik from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Barclays increased their target price on shares of Kinetik from $40.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 5th. Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a research note on Thursday, January 22nd. Finally, Scotiabank boosted their price target on shares of Kinetik from $48.00 to $49.00 and gave the company a "sector outperform" rating in a report on Thursday, March 5th. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $45.82.

Kinetik Price Performance

Shares of Kinetik stock opened at $45.26 on Friday. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of 17.61, a P/E/G ratio of 1.28 and a beta of 0.70. The stock has a 50-day simple moving average of $41.38 and a 200-day simple moving average of $39.22. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $54.94.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $2.01. The firm had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The company's quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.01 EPS.

Kinetik Company 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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