Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 20,731 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 20,731 shares of the stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $56.69, for a total value of $1,175,240.39. Following the transaction, the insider owned 979,270 shares of the company’s stock, valued at approximately $55,514,816.30. This trade represents a 2.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Tuesday, November 3rd, Isq Global Fund Ii Gp Llc sold 14,889 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total value of $819,937.23.
• On Monday, November 2nd, Isq Global Fund Ii Gp Llc sold 3,267 shares of Kinetik stock. The shares were sold at an average price of $55.13, for a total value of $180,109.71.
• On Tuesday, October 13th, Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock. The shares were sold at an average price of $54.77, for a total value of $109,540,000.00.
• On Monday, October 12th, Isq Global Fund Ii Gp Llc sold 38,377 shares of Kinetik stock. The stock was sold at an average price of $54.19, for a total value of $2,079,649.63.
• On Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The stock was sold at an average price of $54.21, for a total value of $3,167,978.19.
• On Thursday, October 8th, Isq Global Fund Ii Gp Llc sold 119,203 shares of Kinetik stock. The stock was sold at an average price of $54.29, for a total transaction of $6,471,530.87.
• On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The stock was sold at an average price of $53.79, for a total transaction of $3,144,778.56.
• On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The stock was sold at an average price of $54.00, for a total transaction of $5,106,780.00.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The stock was sold at an average price of $53.53, for a total transaction of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The stock was sold at an average price of $53.55, for a total transaction of $1,295,588.70.

Kinetik Price Performance

Shares of NYSE KNTK opened at $54.31 on Wednesday. The stock has a market capitalization of $8.82 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 1.19 and a beta of 0.67. The business has a 50-day moving average of $54.13 and a 200-day moving average of $48.79. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $58.90.

Kinetik (NYSE:KNTK) last posted 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 firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS. On average, sell-side analysts expect that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new stake in Kinetik during the second quarter worth $17,364,000. NEOS Investment Management LLC boosted its holdings in shares of Kinetik by 30.9% in the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock valued at $18,955,000 after purchasing an additional 92,637 shares in the last quarter. Pinnacle Holdings LLC bought a new position in shares of Kinetik in the 2nd quarter valued at $4,476,000. Quantinno Capital Management LP increased its stake in shares of Kinetik by 240.5% in the 1st quarter. Quantinno Capital Management LP now owns 102,047 shares of the company’s stock valued at $4,940,000 after purchasing an additional 72,077 shares during the last quarter. Finally, Brooklands Fund Management Ltd acquired a new position in shares of Kinetik during the 1st quarter worth $2,880,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on KNTK. Barclays upped their target price on shares of Kinetik from $51.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, October 13th. Scotiabank reaffirmed an “outperform” rating and set a $59.00 price objective on shares of Kinetik in a research report on Thursday, October 15th. Tudor Pickering started coverage on shares of Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective on the stock. Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $58.00 price objective on shares of Kinetik in a research report on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $55.47.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.