Kinetik Holdings Inc. (NYSE:KNTK) Sees Large Increase in Short Interest

Kinetik Holdings Inc. (NYSE:KNTK) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 6,320,000 shares, a growth of 41.7% from the September 30th total of 4,460,000 shares. Based on an average daily trading volume, of 1,290,000 shares, the days-to-cover ratio is presently 4.9 days. Approximately 15.7% of the company’s stock are short sold. Approximately 15.7% of the company’s stock are short sold. Based on an average daily trading volume, of 1,290,000 shares, the days-to-cover ratio is presently 4.9 days.

Wall Street Analyst Weigh In

KNTK has been the subject of several recent research reports. Mizuho set a $48.00 price target on Kinetik in a research report on Wednesday, October 29th. Scotiabank set a $51.00 target price on Kinetik and gave the company a “sector outperform” rating in a research report on Friday, October 17th. The Goldman Sachs Group set a $46.00 target price on Kinetik in a research report on Tuesday, October 14th. Wolfe Research raised Kinetik from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.20.

Kinetik Trading Down 0.6%

Shares of KNTK stock traded down $0.25 during mid-day trading on Monday, reaching $38.26. The stock had a trading volume of 922,977 shares, compared to its average volume of 1,120,247. The business’s fifty day moving average is $40.73 and its 200-day moving average is $42.08. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of 51.70, a PEG ratio of 1.14 and a beta of 3.11. Kinetik has a 1-year low of $35.74 and a 1-year high of $67.60.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.19. The business had revenue of $426.74 million for the quarter. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The firm’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share.

Insider Buying and Selling at Kinetik

In other news, insider Jamie Welch bought 5,000 shares of the stock in a transaction on Thursday, October 2nd. The stock was acquired at an average cost of $39.13 per share, for a total transaction of $195,650.00. Following the acquisition, the insider owned 3,676,399 shares of the company’s stock, valued at $143,857,492.87. This represents a 0.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of KNTK. KBC Group NV acquired a new position in shares of Kinetik in the first quarter valued at about $95,000. Teacher Retirement System of Texas acquired a new position in shares of Kinetik in the first quarter valued at about $295,000. Principal Financial Group Inc. increased its holdings in shares of Kinetik by 8.6% in the first quarter. Principal Financial Group Inc. now owns 23,906 shares of the company’s stock valued at $1,242,000 after purchasing an additional 1,889 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Kinetik by 10.1% in the first quarter. Envestnet Asset Management Inc. now owns 30,472 shares of the company’s stock worth $1,583,000 after buying an additional 2,806 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Kinetik in the first quarter worth about $259,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Company Profile

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.