Kinetik (NYSE:KNTK) Major Shareholder Sells $1,152,774.49 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 21,511 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $53.59, for a total transaction of $1,152,774.49. Following the completion of the sale, the insider owned 448,273 shares in the company, valued at $24,022,950.07. This represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large 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 Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The stock was sold at an average price of $54.25, for a total transaction of $7,328,307.00.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The stock was sold at an average price of $53.84, for a total value of $5,867,321.68.
• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total value of $482,986.32.
• On Tuesday, September 15th, Isq Global Fund Ii Gp Llc sold 4,686 shares of Kinetik stock. The shares were sold at an average price of $55.11, for a total value of $258,245.46.
• On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The shares were sold at an average price of $55.15, for a total value of $56,528.75.
• 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 Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The shares were sold at an average price of $55.19, for a total transaction of $253,046.15.
• 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.

Kinetik Stock Performance

Kinetik stock opened at $53.03 on Thursday. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.92. The stock has a market cap of $8.61 billion, a P/E ratio of 19.21, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57. The firm’s fifty day moving average price is $52.57 and its 200-day moving average price is $49.32.

Kinetik (NYSE:KNTK) last released its 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. 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 for the quarter, compared to analysts’ expectations of $421.48 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The firm’s revenue was up 36.3% on a year-over-year basis. On average, analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have commented on KNTK shares. Jefferies Financial Group reissued a “hold” rating and set a $56.00 price target on shares of Kinetik in a research note on Wednesday, September 9th. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price target (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. Barclays set a $51.00 price objective on Kinetik and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Truist Financial boosted their target price on Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Tudor Pickering began coverage on Kinetik in a research report on Monday, July 20th. They set a “buy” rating and a $57.00 price target on the stock. 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Tidal Investments LLC raised its holdings in Kinetik by 19.8% in the second quarter. Tidal Investments LLC now owns 29,777 shares of the company’s stock worth $1,439,000 after purchasing an additional 4,930 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Kinetik in the 2nd quarter worth about $259,000. Integrated Wealth Concepts LLC purchased a new position in Kinetik during the 2nd quarter valued at about $71,000. NewEdge Advisors LLC lifted its position in Kinetik by 12.9% during the 2nd quarter. NewEdge Advisors LLC now owns 46,187 shares of the company’s stock valued at $2,233,000 after acquiring an additional 5,269 shares during the period. Finally, IFP Advisors Inc boosted its stake in Kinetik by 28.3% during the second quarter. IFP Advisors Inc now owns 3,101 shares of the company’s stock worth $150,000 after acquiring an additional 684 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.