Kinetik Holdings Inc. $KNTK Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. reduced its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 80.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 68,480 shares of the company’s stock after selling 284,845 shares during the period. Prudential Financial Inc.’s holdings in Kinetik were worth $3,017,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of KNTK. Bell Investment Advisors Inc acquired a new position in shares of Kinetik during the 1st quarter valued at about $41,000. Chung Wu Investment Group LLC purchased a new position in Kinetik during the second quarter worth about $56,000. Comerica Bank boosted its holdings in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares during the last quarter. Rossby Financial LCC boosted its holdings in Kinetik by 33.5% in the 2nd quarter. Rossby Financial LCC now owns 2,006 shares of the company’s stock valued at $88,000 after purchasing an additional 503 shares during the last quarter. Finally, Strs Ohio purchased a new stake in shares of Kinetik in the 1st quarter valued at approximately $93,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on KNTK. Barclays reduced their price target on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Wall Street Zen downgraded Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Citigroup decreased their price target on Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Royal Bank Of Canada cut their price objective on Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Finally, Scotiabank decreased their target price on shares of Kinetik from $51.00 to $45.00 and set a “sector outperform” rating on the stock in a research report on Thursday, November 13th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.27.

Insider Activity at Kinetik

In other Kinetik news, insider Jamie Welch acquired 8,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the completion of the acquisition, the insider owned 3,687,791 shares of the company’s stock, valued at approximately $127,486,934.87. This trade represents a 0.22% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.83% of the company’s stock.

Kinetik Trading Down 1.9%

Shares of NYSE KNTK opened at $34.58 on Wednesday. The stock has a market capitalization of $5.59 billion, a PE ratio of 82.33, a PEG ratio of 1.92 and a beta of 0.78. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $67.60. The stock has a fifty day simple moving average of $37.09 and a 200-day simple moving average of $40.78.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). The firm had revenue of $463.97 million for the quarter, compared to analysts’ expectations of $604.57 million. Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The business’s revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.35 earnings per share.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.