Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 45,428 Shares

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 45,428 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $55.06, for a total transaction of $2,501,265.68. Following the completion of the transaction, the insider owned 797,136 shares in the company, valued at $43,890,308.16. This trade represents a 5.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The shares were 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction of $5,998,316.80.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The stock was sold at an average price of $51.60, for a total value of $5,834,670.00.
• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The stock was sold at an average price of $51.52, for a total value of $4,363,795.52.
• On Tuesday, August 11th, Isq Global Fund Ii Gp Llc sold 147,516 shares of Kinetik stock. The stock was 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 value of $3,991,972.38.

Kinetik Stock Performance

NYSE:KNTK opened at $54.34 on Friday. The stock has a 50-day simple moving average of $51.07 and a two-hundred day simple moving average of $48.40. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $56.10. The firm has a market capitalization of $8.82 billion, a PE ratio of 19.69, a P/E/G ratio of 1.34 and a beta of 0.57.

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

Hedge Funds Weigh In On Kinetik

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank grew its holdings in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after buying an additional 732 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after acquiring an additional 522 shares during the last quarter. Millennium Management LLC boosted its position in shares of Kinetik by 88.7% during the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after acquiring an additional 62,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Kinetik by 27.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after purchasing an additional 17,034 shares in the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after purchasing an additional 2,766 shares in the last quarter. 21.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

KNTK has been the topic of several analyst reports. Scotiabank reaffirmed an “outperform” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Tudor Pickering initiated coverage on shares of Kinetik in a research note on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective for the company. Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Truist Financial lifted their target price on shares of Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $51.00 target price on shares of Kinetik in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.27.

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.