Kinetik Holdings Inc. $KNTK Shares Sold by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. decreased its position in Kinetik Holdings Inc. (NYSE:KNTK) by 5.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,528,640 shares of the company’s stock after selling 250,123 shares during the period. Goldman Sachs Group Inc.’s holdings in Kinetik were worth $163,257,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Public Sector Pension Investment Board acquired a new stake in shares of Kinetik during the third quarter worth $7,277,000. Principal Financial Group Inc. acquired a new stake in shares of Kinetik during the third quarter worth $9,017,000. Advisors Capital Management LLC raised its position in shares of Kinetik by 4.3% during the third quarter. Advisors Capital Management LLC now owns 632,387 shares of the company’s stock worth $27,028,000 after purchasing an additional 26,103 shares during the period. SageView Advisory Group LLC acquired a new stake in shares of Kinetik during the third quarter worth $1,606,000. Finally, Vanguard Group Inc. raised its position 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 worth $183,739,000 after purchasing an additional 439,586 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Up 0.2%

NYSE:KNTK opened at $45.26 on Monday. The firm has a market capitalization of $7.35 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 2.33 and a beta of 0.57. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $51.51. The business’s fifty day moving average price is $47.95 and its 200 day moving average price is $42.51.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.23). The business had revenue of $409.98 million for the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.05 earnings per share. Equities analysts forecast that Kinetik Holdings Inc. will post 0.62 earnings per share for the current year.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This represents a 55.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 1,071,107 shares of company stock worth $53,172,463 over the last quarter. 3.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

KNTK has been the topic of a number of recent analyst reports. Weiss Ratings raised Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday. Mizuho boosted their target price on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Truist Financial initiated coverage on Kinetik in a research report on Tuesday, March 24th. They set a “buy” rating and a $53.00 target price on the stock. UBS Group dropped their price target on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. Finally, Citigroup reissued a “buy” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average target price of $49.17.

Kinetik 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.