Kinetik Holdings Inc. (NASDAQ:KNTK) reported that Todd Carpenter, who serves in multiple roles including General Counsel, Assistant Secretary, and Chief Compliance Officer, has sold shares in the company. According to the filing, the transaction involved the sale of 2,500 shares of Class A Common Stock at a price of $39.82 per share, totaling over $99,550.
The sale, dated March 28, 2024, was conducted to cover tax obligations as noted in the footnotes of the filing. Additionally, it was mentioned that the sale was allowed under the terms of a Lock-Up Agreement dated March 13, 2024, which Carpenter had with the underwriters of the Underwriting Agreement. Despite this sale, Carpenter continues to be subject to the restrictions outlined in the Lock-Up Agreement.
Following the transaction, Carpenter still owns a substantial number of shares, specifically 271,162 shares of Kinetik Holdings Inc. It's also important to note that the shares sold were held directly by Carpenter.
The reported transaction provides investors with a glimpse into the trading activity of one of Kinetik Holdings Inc.'s executives, offering insights into insider stock movements within the company.
InvestingPro Insights
As Kinetik Holdings Inc. (NASDAQ:KNTK) navigates through insider stock transactions, investors are closely monitoring the company's financial health and market performance. A key metric to consider is the company's P/E ratio, which currently stands at 7.67, indicating that the stock is trading at a low price-to-earnings ratio relative to its near-term earnings growth. This suggests that KNTK may be undervalued based on its earnings potential, an aspect that can attract value investors.
Additionally, Kinetik Holdings has demonstrated a strong financial performance over the last twelve months as of Q4 2023, with a reported revenue of $1,256.41 million and a revenue growth of 3.54%. These figures highlight the company's ability to increase its sales and maintain profitability, as confirmed by a significant dividend yield of 7.52% as of the last recorded date. This dividend payout is a clear sign of KNTK's commitment to returning value to its shareholders.
InvestingPro Tips reveal that Kinetik Holdings is trading near its 52-week high, with the price at 98.64% of the peak. This, combined with a robust one-year price total return of 41.49%, underscores the stock's strong performance and investor confidence. For those seeking further insights and tips, there are 10 additional InvestingPro Tips available for Kinetik Holdings on InvestingPro, which can be accessed with the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date on the horizon, May 7, 2024, investors are keenly awaiting further updates on the company's financial trajectory and any potential impact on the stock's valuation. The current fair value estimation by InvestingPro stands at $41.34, offering a perspective on the stock's potential market value.
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