Kinetik Holdings Inc. (NYSE:KNTK) Short Interest Down 14.0% in January

Kinetik Holdings Inc. (NYSE:KNTK) saw a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 7,715,320 shares, a decline of 14.0% from the January 15th total of 8,974,190 shares. Approximately 5.0% of the shares of the company are sold short. Based on an average trading volume of 1,258,481 shares, the days-to-cover ratio is currently 6.1 days. Based on an average trading volume of 1,258,481 shares, the days-to-cover ratio is currently 6.1 days. Approximately 5.0% of the shares of the company are sold short.

Insiders Place Their Bets

In other Kinetik news, insider Matthew Wall sold 8,083 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider directly owned 554,738 shares in the company, valued at $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.83% of the stock is owned by corporate insiders.

Institutional Trading of Kinetik

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank boosted its holdings in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after acquiring an additional 732 shares during the period. AQR Capital Management LLC increased its holdings in Kinetik by 4.2% in the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after buying an additional 522 shares during the period. Millennium Management LLC grew its position in Kinetik by 88.7% during the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after purchasing an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Kinetik by 27.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after buying an additional 17,034 shares during the period. Finally, Intech Investment Management LLC boosted its stake in shares of Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after buying an additional 2,766 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of recent analyst reports. Royal Bank Of Canada decreased their price target on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Raymond James Financial set a $46.00 target price on Kinetik in a research report on Monday, January 5th. Citigroup lowered their price target on Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, November 21st. The Goldman Sachs Group dropped their price target on Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Finally, Mizuho set a $48.00 price target on shares of Kinetik in a report on Wednesday, October 29th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $46.00.

Kinetik Stock Performance

NYSE:KNTK opened at $44.57 on Thursday. The firm has a market capitalization of $7.20 billion, a PE ratio of 106.12, a PEG ratio of 1.00 and a beta of 0.73. The stock’s fifty day moving average is $38.16 and its 200 day moving average is $38.71. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $61.73.

Kinetik Company 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.