Aventail Capital Group LP Has $2.36 Million Stock Position in Kinetik Holdings Inc. $KNTK

Aventail Capital Group LP cut its holdings in Kinetik Holdings Inc. (NYSE:KNTK) by 70.0% during the third quarter, Holdings Channel.com reports. The firm owned 55,175 shares of the company’s stock after selling 128,743 shares during the quarter. Aventail Capital Group LP’s holdings in Kinetik were worth $2,358,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new position in Kinetik during the third quarter worth $54,000. Comerica Bank grew its position in Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares in the last quarter. Fifth Third Bancorp increased its stake in Kinetik by 269.2% in the 3rd quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock valued at $67,000 after buying an additional 1,144 shares during the last quarter. Strs Ohio acquired a new stake in Kinetik in the 1st quarter valued at $93,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Kinetik during the 3rd quarter worth about $87,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of KNTK opened at $44.79 on Friday. The company has a market cap of $7.24 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.24 and a beta of 0.70. The firm has a 50-day moving average of $41.55 and a 200-day moving average of $39.23. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $54.94.

Kinetik (NYSE:KNTK) last issued its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company had revenue of $430.42 million for the quarter. During the same period in the previous year, the company posted $0.01 earnings per share. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Insiders Place Their Bets

In other Kinetik news, insider Steven Stellato sold 2,907 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the sale, the insider owned 393,382 shares in the company, valued at $18,457,483.44. This represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Trevor Howard sold 1,619 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $75,963.48. Following the completion of the sale, the insider directly owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. The trade was a 0.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 4,015,831 shares of company stock worth $180,054,928 in the last three months. 3.83% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Citigroup increased their price objective on shares of Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Scotiabank upped their target price on Kinetik from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a report on Thursday, March 5th. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, March 8th. Zacks Research downgraded Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Finally, Barclays boosted their price target on Kinetik from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 5th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.09.

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.