Kinetik (NYSE:KNTK) Major Shareholder Sells $253,046.15 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 4,585 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $55.19, for a total transaction of $253,046.15. Following the completion of the transaction, the insider directly owned 734,168 shares of the company’s stock, valued at approximately $40,518,731.92. This represents a 0.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more 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 Thursday, September 10th, Isq Global Fund Ii Gp Llc sold 5,840 shares of Kinetik stock. The stock was sold at an average price of $55.39, for a total transaction of $323,477.60.
• On Tuesday, September 8th, Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock. The shares were sold at an average price of $55.14, for a total transaction of $3,219,238.62.
• On Tuesday, September 1st, Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total transaction of $2,501,265.68.
• On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The stock was sold at an average price of $55.28, for a total transaction of $4,215,652.80.
• On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The shares were sold at an average price of $55.17, for a total value of $384,148.71.
• On Tuesday, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The shares were sold at an average price of $54.32, for a total value of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The stock was sold at an average price of $55.07, for a total value of $171,102.49.
• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The stock was sold at an average price of $52.78, for a total value of $7,130,683.56.
• On Friday, August 14th, Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock. The shares were sold at an average price of $53.48, for a total value of $5,998,316.80.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The shares were sold at an average price of $51.60, for a total value of $5,834,670.00.

Kinetik Price Performance

NYSE:KNTK opened at $54.84 on Friday. The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 19.87, a PEG ratio of 1.35 and a beta of 0.57. The business has a 50 day moving average of $51.83 and a 200 day moving average of $48.84. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $56.92.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same period last year, the business earned $0.33 earnings per share. As a group, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.3 EPS for the current year.

Institutional Investors Weigh In On Kinetik

Several institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP lifted its stake in shares of Kinetik by 72.4% in the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock worth $28,000 after purchasing an additional 239 shares during the period. GAMMA Investing LLC grew its position in Kinetik by 10.5% during the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after buying an additional 273 shares during the period. ProShare Advisors LLC increased its holdings in Kinetik by 3.5% during the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock valued at $311,000 after buying an additional 294 shares during the last quarter. Maryland State Retirement & Pension System increased its holdings in Kinetik by 5.4% during the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock valued at $238,000 after buying an additional 337 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in Kinetik by 0.4% in the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after acquiring an additional 346 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analyst Ratings Changes

KNTK has been the topic of a number of analyst reports. Truist Financial lifted their target price on shares of Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. 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 on the stock. US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 price objective (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Finally, Scotiabank reissued an “outperform” rating and issued a $58.00 target price (up from $52.00) on shares of Kinetik in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Kinetik Company Profile

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company’s operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.