Kinetik (NYSE:KNTK) Major Shareholder Sells $4,363,795.52 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 84,701 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $51.52, for a total value of $4,363,795.52. Following the completion of the transaction, the insider directly owned 1,354,129 shares in the company, valued at approximately $69,764,726.08. This represents a 5.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock 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, August 11th, Isq Global Fund Ii Gp Llc sold 147,516 shares of Kinetik stock. The shares were sold at an average price of $52.03, for a total value of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The shares were sold at an average price of $50.87, for a total transaction of $3,991,972.38.
• On Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The shares were sold at an average price of $50.24, for a total transaction of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The stock was sold at an average price of $50.52, for a total transaction of $11,889,831.48.
• On Monday, August 3rd, Isq Global Fund Ii Gp Llc sold 2,175 shares of Kinetik stock. The stock was sold at an average price of $50.04, for a total transaction of $108,837.00.

Kinetik Trading Up 3.2%

Shares of NYSE KNTK opened at $53.32 on Friday. The firm has a 50 day moving average of $48.92 and a 200 day moving average of $47.03. The firm has a market capitalization of $8.66 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 1.70 and a beta of 0.56. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $54.12.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.45. The business had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company’s quarterly revenue was up 36.3% on a year-over-year basis. During the same period last year, the firm earned $0.33 earnings per share. Sell-side analysts predict that Kinetik Holdings Inc. will post 0.97 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on KNTK. Citigroup reissued a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a report on Tuesday. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 price objective (up from $56.00) on shares of Kinetik in a research note on Tuesday. Wells Fargo & Company reaffirmed an “overweight” rating and set a $54.00 price objective on shares of Kinetik in a research report on Monday. Tudor Pickering began coverage on Kinetik in a research note on Monday, July 20th. They set a “buy” rating and a $57.00 price objective for the company. Finally, Zacks Research raised shares of Kinetik from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $52.87.

Hedge Funds Weigh In On Kinetik

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after purchasing an additional 439,586 shares in the last quarter. Zimmer Partners LP purchased a new position in Kinetik in the 4th quarter worth approximately $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in Kinetik by 1.7% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after purchasing an additional 30,600 shares during the period. Cohen & Steers Inc. boosted its stake in Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after purchasing an additional 833,224 shares during the period. Finally, Invesco Ltd. grew its holdings in Kinetik by 22.4% during the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after buying an additional 325,251 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.