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

Kinetik Holdings Inc. (NASDAQ:KNTK) insider Trevor Howard sold 7,000 shares of the business’s stock in a transaction on 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 sale, the insider now owns 198,411 shares in the company, valued at approximately $7,464,221.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Kinetik Price Performance

Shares of NASDAQ KNTK opened at $39.39 on Thursday. Kinetik Holdings Inc. has a 1 year low of $26.32 and a 1 year high of $39.42. The firm has a 50-day simple moving average of $34.49 and a two-hundred day simple moving average of $34.54. The company has a market cap of $5.96 billion, a P/E ratio of 17.43, a PEG ratio of 2.53 and a beta of 2.79.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data 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. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The company had revenue of $348.87 million during the quarter, compared to analysts’ expectations of $301.49 million. During the same quarter in the previous year, the business earned $0.25 EPS. Kinetik’s revenue was up 18.1% compared to the same quarter last year. As a group, equities research analysts expect that Kinetik Holdings Inc. will post 2.01 EPS for the current year.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Thursday, February 22nd were paid a $0.75 dividend. The ex-dividend date was Wednesday, February 21st. This represents a $3.00 dividend on an annualized basis and a yield of 7.62%. Kinetik’s dividend payout ratio is currently 132.74%.

Hedge Funds Weigh In On Kinetik

Institutional investors have recently modified their holdings of the stock. Ensign Peak Advisors Inc bought a new position in Kinetik in the third quarter worth approximately $31,000. Ronald Blue Trust Inc. purchased a new stake in shares of Kinetik in the 3rd quarter worth $37,000. Tower Research Capital LLC TRC bought a new position in shares of Kinetik during the 3rd quarter worth $37,000. Bartlett & Co. LLC purchased a new position in shares of Kinetik during the third quarter valued at $78,000. Finally, UBS Group AG bought a new stake in shares of Kinetik in the third quarter valued at about $84,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

About Kinetik

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.