Kinetik Holdings Inc.
- Open
- 55.75
- Day high
- 55.88
- Day low
- 55.03
- Prev close
- 54.83
- Volume
- 25K
- Mkt cap
- $4.4B
- P/E (TTM)
- 19.8
- EPS (TTM)
- $2.79
- P/B
- -3.7
- P/S
- 2.4
- Yield
- 5.82%
- Per share
- $3.21
- ▼Insiders net selling -$60.0M over the last 3 months (0 open-market buys, 23 sales)
- 🏛Institutions accumulating (13F)
Kinetik Holdings Inc. (KNTK) is a Energy company listed on NYSE. The stock is up 31% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 23 sales (SEC Form 4).
Kinetik Holdings Inc. (KNTK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KNTK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.26 | $0.64 | +148.5% | $581M | +30.4% |
| May 7, 2026 | $0.22 | $-0.07 | -131.8% | $410M | -6.2% |
| Feb 26, 2026 | $0.15 | $2.16 | +1340.0% | $430M | +5.5% |
| Nov 5, 2025 | $0.23 | $0.23 | +0.0% | $464M | +0.1% |
| Aug 6, 2025 | $0.14 | $0.33 | +135.7% | $427M | +8.2% |
| May 7, 2025 | $0.23 | $0.05 | -78.3% | $443M | +10.1% |
| Feb 26, 2025 | $0.45 | $0.01 | -97.8% | $386M | -11.3% |
| Feb 28, 2024 | $0.46 | $1.70 | +269.6% | $349M | -8.2% |
| May 3, 2023 | $0.37 | $-0.06 | -116.2% | $281M | +13.5% |
| Feb 27, 2023 | $0.66 | $0.25 | -62.1% | $295M | +3.0% |
| Nov 9, 2022 | $0.62 | $1.04 | +67.7% | $325M | +1.9% |
| Feb 22, 2022 | $0.49 | $2.13 | +334.7% | $219M | +7.5% |
KNTK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 76,260 | $55.28 |
| Aug 25, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 6,963 | $55.17 |
| Aug 20, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 64,892 | $54.32 |
| Aug 20, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 6 | $54.84 |
| Aug 20, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 3,107 | $55.07 |
| Aug 18, 2026 | SUGG LAURA Adirector | Sell | 61,180 | $52.25 |
| Aug 17, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 38,209 | $51.38 |
| Aug 17, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 134,815 | $52.78 |
| Aug 17, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 287 | $53.11 |
| Aug 17, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 373 | $54.09 |
| Aug 17, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 101,098 | $53.57 |
| Aug 17, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 10,689 | $52.56 |
| Aug 17, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 74,866 | $51.71 |
| Aug 13, 2026 | Byers Deborah Ldirector | Sell | 2,739 | $51.51 |
| Aug 12, 2026 | ISQ Global Fund II GP LLC10 percent owner | Sell | 84,701 | $51.52 |
Source: KNTK SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full KNTK insider & 13F page →Kinetik Holdings Inc. company profile
Overview
Kinetik Holdings Inc. (NYSE:KNTK) is a midstream energy company founded through the 2021 merger of EagleClaw Midstream and Altus Midstream, creating one of the largest natural gas gathering and processing companies in the Permian Basin's Delaware sub-basin. Headquartered in Midland, Texas, the company has established itself as a critical infrastructure provider in one of America's most prolific oil and gas producing regions, operating extensive pipeline networks, processing facilities, and compression systems that serve as the vital link between wellhead production and end markets.
Business
Kinetik operates in the oil and gas midstream sector, which serves as the essential bridge between upstream production (drilling and extraction) and downstream refining and marketing. The midstream industry encompasses the transportation, storage, processing, and marketing of crude oil, natural gas, and natural gas liquids after they leave the wellhead but before they reach refineries or end consumers. The company's operations are organized into two primary business segments: Midstream Logistics Segment (approximately 65-70% of total EBITDA): This segment provides comprehensive gathering, compression, treating, processing, and transportation services for natural gas, natural gas liquids (NGLs), crude oil, and produced water. The company operates an extensive network of gathering pipelines that collect raw natural gas from wellheads across the Delaware Basin, then processes this gas at cryogenic processing plants to separate valuable NGLs like ethane, propane, and butane from the dry gas stream. These facilities can process over 1.7 billion cubic feet of gas per day, with major processing complexes including the Kings Landing facility and various plants across Texas and New Mexico. Pipeline Transportation Segment (approximately 30-35% of total EBITDA): This segment owns and operates long-haul interstate pipeline systems that transport processed natural gas to major market centers and Gulf Coast export facilities. Key assets include ownership stakes in the Permian Highway Pipeline (PHP) and EPIC Crude Oil Pipeline, which provide critical takeaway capacity from the Permian Basin to high-value markets. The company also operates the Delaware Link pipeline system, which moves residue gas from processing facilities to interstate pipeline connections. The company's integrated asset base spans across the most active drilling areas of the Delaware Basin in West Texas and Southeast New Mexico, positioning it to capture growing production from both conventional and unconventional shale formations. Kinetik's infrastructure is designed to handle the full spectrum of hydrocarbon streams produced in the region, from raw natural gas requiring extensive processing to crude oil and produced water disposal.
Revenue model
Kinetik generates revenue primarily through fee-based contracts rather than commodity speculation, providing relatively stable cash flows. The company employs several revenue models across its operations: Processing and Gathering Fees: The majority of revenue comes from fixed-fee contracts where producers pay Kinetik to gather raw natural gas from wellheads and process it at cryogenic facilities. These contracts typically include minimum volume commitments (MVCs) that guarantee baseline revenue regardless of actual throughput. Current processing fees average around $0.65-0.75 per thousand cubic feet (Mcf) of gas processed, with additional fees for treating services when gas contains high levels of hydrogen sulfide or carbon dioxide. Transportation Tariffs: The pipeline transportation segment earns revenue through regulated tariff rates on interstate pipelines and negotiated rates on intrastate systems. These provide stable, inflation-protected cash flows with minimal commodity exposure. Commodity-Linked Revenue: Approximately 15-17% of gross profit comes from commodity-linked contracts, primarily through percentage-of-proceeds (POP) arrangements where Kinetik retains a portion of the NGLs extracted during processing. The company actively hedges this exposure, typically covering 50-75% of expected commodity volumes to reduce price volatility. Several factors influence Kinetik's profit margins and growth prospects. Positive margin drivers include increasing natural gas production in the Delaware Basin, which drives higher throughput across existing infrastructure; contractual escalation clauses tied to inflation indices; operational efficiency improvements through facility optimization and compression upgrades; and the ability to extract higher-value NGLs from richer gas streams. The company benefits from its integrated asset base, which allows it to capture value across multiple points in the midstream chain. Margin pressure factors include volatile NGL and crude oil prices affecting commodity-linked contracts; potential pipeline capacity constraints that could limit throughput; increased competition from other midstream operators; regulatory changes affecting emissions or operational requirements; and producer consolidation that could increase customer concentration risk. Weather-related operational disruptions and maintenance requirements also periodically impact margins, though the company's diversified asset base helps mitigate these risks.
Competitive moat
Kinetik possesses a moderate to strong competitive moat based primarily on its strategic infrastructure positioning and high barriers to entry in midstream energy. The company's most significant competitive advantage stems from its geographic concentration in the Delaware Basin, where it has built an integrated network of gathering systems, processing plants, and pipeline connections that would be extremely difficult and expensive for competitors to replicate. The high capital intensity of midstream infrastructure creates substantial barriers to entry, as building competing gathering systems and processing facilities requires hundreds of millions of dollars in upfront investment with long payback periods. Kinetik's established relationships with major producers like Diamondback Energy, ConocoPhillips, and other Permian operators provide additional defensive positioning through long-term contracts with minimum volume commitments. Regulatory and permitting advantages further strengthen the moat, as obtaining rights-of-way, air permits, and environmental approvals for new midstream infrastructure has become increasingly challenging and time-consuming. Kinetik's existing permits and established operational footprint provide significant advantages over potential new entrants. However, the moat faces several potential vulnerabilities. Large integrated oil companies with substantial capital resources could potentially build competing infrastructure, particularly if they view midstream margins as attractive. Producer consolidation in the Permian Basin could increase customer concentration risk and potentially give large producers more negotiating leverage. Technological disruptions, such as more efficient small-scale processing technologies or alternative energy transitions, could eventually erode demand for traditional midstream services. The company's moat is also somewhat geographically constrained to the Delaware Basin, limiting its ability to diversify into other growing regions without significant capital investment. Additionally, pipeline capacity constraints to end markets could periodically limit the company's ability to fully monetize its gathering and processing assets, though management is actively addressing this through pipeline expansion projects and alternative market outlets.
Risks & safety
Kinetik presents a moderate margin of safety with manageable financial risks but some liquidity concerns in the near term. • Liquidity and Cash Position: Limited cash reserves of $8.8 million as of Q1 2025, though strong operating cash flow of $177 million quarterly provides adequate coverage. Current ratio of 0.59 indicates potential short-term liquidity pressure, but this is typical for capital-intensive midstream companies with strong cash generation. • Debt and Leverage: Net debt-to-EBITDA ratio of approximately 3.2x, below management's 3.5x target. Total debt of roughly $2.8 billion is manageable given stable cash flows, with no significant near-term maturities creating refinancing risk. • Valuation Metrics: EV/EBITDA of 4.9x appears reasonable for a midstream company with stable cash flows. P/E ratio of 40.6x seems elevated but reflects temporary earnings volatility rather than fundamental concerns. Free cash flow yield of approximately 3.6% provides modest return to equity holders. • Operational Stability: Over 80% of gross profit from fixed-fee contracts provides earnings stability. Strong market position in growing Delaware Basin supports long-term cash flow visibility. • Other Considerations: $500 million share repurchase program demonstrates management confidence and provides downside support. Commodity hedge program covers 50-75% of price-exposed volumes, reducing earnings volatility.
Recent development
Over the past several years, Kinetik has executed a strategic expansion and integration strategy focused on consolidating its position in the Delaware Basin while diversifying its asset base. The company's most significant recent development was the acquisition of Durango Permian assets in 2024, which expanded its footprint into the Northern Delaware Basin and added approximately 200 million cubic feet per day of processing capacity along with extensive gathering infrastructure. The company has made substantial investments in processing capacity expansion, most notably the development of the Kings Landing processing complex. Kings Landing I, with 200 million cubic feet per day of capacity, entered service in Q2 2025, while the company has sanctioned pre-FID work for Kings Landing II, which could add another 300 million cubic feet per day by Q3 2026. This expansion strategy addresses growing gas production in the region and provides Kinetik with modern, efficient processing capabilities. Pipeline infrastructure development has been another key focus area. The company completed the Delaware Link pipeline system, providing 1 billion cubic feet per day of residue gas transportation capacity, and increased its equity stake in EPIC Crude Oil Pipeline to 27.5% through a partnership with Diamondback Energy. The recently announced E Triple C pipeline project will provide additional connectivity between the company's New Mexico and Texas operations. Kinetik has also pursued innovative operational initiatives, including exploration of behind-the-meter power generation projects in Reeves County, Texas, which could help optimize electricity costs for its energy-intensive processing operations. The company received EPA approval for its CO2 sequestration monitoring plan and entered agreements for CO2 utilization, positioning it to potentially benefit from carbon capture and storage opportunities. Capital allocation strategy has evolved toward greater shareholder returns, evidenced by the announcement of a $500 million share repurchase program in 2025 while maintaining disciplined growth investment. The company has also steadily increased its quarterly dividend, demonstrating confidence in cash flow stability and commitment to returning capital to shareholders.
KNTK company profile · for informational purposes only — not investment advice.
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