Aventail Capital Group LP Sells 128,743 Shares of Kinetik Holdings Inc. $KNTK

Aventail Capital Group LP reduced its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 70.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,175 shares of the company’s stock after selling 128,743 shares during the period. Aventail Capital Group LP’s holdings in Kinetik were worth $2,358,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in KNTK. Aster Capital Management DIFC Ltd bought a new position in Kinetik during the third quarter worth about $54,000. Fifth Third Bancorp grew its position in shares of Kinetik by 269.2% during the 3rd quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after buying an additional 1,144 shares during the period. Comerica Bank increased its stake in shares of 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 acquiring an additional 732 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Kinetik in the 3rd quarter valued at approximately $87,000. Finally, Strs Ohio acquired a new stake in shares of Kinetik in the 1st quarter valued at approximately $93,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on KNTK shares. Barclays boosted their price objective on shares of Kinetik from $40.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, March 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. The Goldman Sachs Group reduced their price target on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Zacks Research cut shares of Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Finally, Royal Bank Of Canada raised their price objective on Kinetik from $46.00 to $49.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 10th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.09.

Kinetik Stock Performance

Shares of KNTK opened at $44.79 on Friday. The firm has a market cap of $7.24 billion, a P/E ratio of 17.43, a PEG ratio of 1.24 and a beta of 0.70. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $54.94. The firm’s 50 day moving average price is $41.55 and its two-hundred day moving average price is $39.23.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter. During the same period in the prior year, the company earned $0.01 EPS. The firm’s revenue was up 11.5% on a year-over-year basis.

Insider Activity at Kinetik

In other Kinetik news, insider Matthew Wall sold 8,083 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $36.05, for a total transaction of $291,392.15. Following the completion of the transaction, the insider owned 554,738 shares in the company, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $44.85, for a total value of $179,400,000.00. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at $44.85. This represents a 100.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,015,831 shares of company stock valued at $180,054,928 in the last quarter. 3.83% of the stock is currently owned by company insiders.

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.