Kinetik Holdings Inc. (NASDAQ:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 1,044,519 Shares

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares in the company, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• On Tuesday, March 4th, Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53.

Kinetik Price Performance

Shares of KNTK opened at $54.33 on Thursday. Kinetik Holdings Inc. has a one year low of $36.84 and a one year high of $67.60. The company has a 50-day moving average of $59.76 and a two-hundred day moving average of $54.99. The stock has a market cap of $8.57 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.74%. The ex-dividend date was Monday, February 3rd. Kinetik’s payout ratio is 305.88%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Citigroup raised their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Wells Fargo & Company lowered their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Scotiabank lowered their price objective on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. The Goldman Sachs Group lifted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Royal Bank of Canada lowered their price objective on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp acquired a new position in shares of Kinetik in the fourth quarter worth about $26,000. Canton Hathaway LLC acquired a new stake in shares of Kinetik during the fourth quarter worth approximately $28,000. GAMMA Investing LLC grew its position in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in Kinetik in the 4th quarter valued at approximately $34,000. Finally, Comerica Bank increased its stake in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after buying an additional 195 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.