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

Kinetik Holdings Inc. (NASDAQ:KNTK) insider Trevor Howard sold 7,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was 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 owns 198,411 shares in the company, valued at $7,464,221.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Kinetik Stock Performance

Kinetik stock traded up $0.30 during trading hours on Tuesday, reaching $38.85. 961,897 shares of the company’s stock traded hands, compared to its average volume of 570,786. Kinetik Holdings Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $39.19. The firm has a market capitalization of $5.87 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 2.43 and a beta of 2.79. The firm’s 50 day moving average is $34.24 and its 200-day moving average is $34.48.

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

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Thursday, February 22nd were given a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, February 21st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.72%. Kinetik’s dividend payout ratio is 132.74%.

Institutional Trading of Kinetik

A number of hedge funds have recently modified their holdings of KNTK. UBS Group AG acquired a new stake in shares of Kinetik in the 3rd quarter valued at approximately $84,000. Tower Research Capital LLC TRC acquired a new stake in shares of Kinetik in the 3rd quarter valued at approximately $37,000. Dimensional Fund Advisors LP acquired a new stake in Kinetik during the 3rd quarter worth approximately $2,099,000. Credit Suisse AG bought a new position in shares of Kinetik during the 3rd quarter worth approximately $724,000. Finally, Nuveen Asset Management LLC bought a new position in shares of Kinetik in the third quarter valued at $2,515,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Kinetik from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $38.00 to $40.00 in a research note on Friday, March 8th. Royal Bank of Canada initiated coverage on shares of Kinetik in a research report on Monday. They issued an “outperform” rating and a $40.00 target price for the company. Finally, Citigroup restated a “neutral” rating and issued a $35.00 price objective on shares of Kinetik in a research note on Tuesday, December 19th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $39.33.

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.