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

Infrastructure Capital Advisors LLC lessened its position in Kinetik Holdings Inc. (NYSE:KNTK) by 98.1% in the first quarter, Holdings Channel.com reports. The firm 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 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of KNTK. Vanguard Group Inc. boosted its stake in shares of Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock valued at $183,739,000 after purchasing an additional 439,586 shares in the last quarter. Zimmer Partners LP acquired a new position in shares of Kinetik in the fourth quarter valued at approximately $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Kinetik by 1.7% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after buying an additional 30,600 shares during the last quarter. Cohen & Steers Inc. raised its holdings in Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after buying an additional 833,224 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Kinetik by 22.4% during the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after buying an additional 325,251 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of Kinetik stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total transaction 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 trade represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.56% of the stock is currently owned by company insiders.

Kinetik Price Performance

Shares of KNTK stock opened at $48.88 on Tuesday. The stock has a market capitalization of $7.94 billion, a PE ratio of 19.95, a PEG ratio of 2.39 and a beta of 0.56. The business’s 50 day simple moving average is $48.21 and its 200 day simple moving average is $45.86. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $52.54.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.23). The firm had revenue of $409.98 million for the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business’s revenue was down 7.5% on a year-over-year basis. During the same period last year, the firm posted $0.05 EPS. As a group, research analysts expect that Kinetik Holdings Inc. will post 0.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

KNTK has been the topic of a number of research reports. Citigroup reissued a “buy” rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Jefferies Financial Group reaffirmed a “hold” rating and set a $51.00 price target on shares of Kinetik in a research note on Friday, May 8th. Barclays set a $50.00 price target on shares of Kinetik and gave the stock an “equal weight” rating in a report on Thursday, May 14th. Weiss Ratings raised shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 6th. Finally, US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.50.

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.