Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $6,471,530.87 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 119,203 shares of the stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $54.29, for a total transaction of $6,471,530.87. Following the completion of the sale, the insider owned 96,817 shares of the company’s stock, valued at approximately $5,256,194.93. The trade was a 55.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 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 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 transaction 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 transaction of $3,167,978.19.
• 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 value 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 value of $5,106,780.00.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The shares were sold at an average price of $53.53, for a total value of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The shares were sold at an average price of $53.55, for a total value of $1,295,588.70.
• On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The shares were sold at an average price of $53.72, for a total value of $2,145,415.64.
• On Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The shares were sold at an average price of $53.59, for a total value of $1,152,774.49.
• 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 value 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.

Kinetik Trading Up 1.7%

NYSE KNTK traded up $0.94 on Tuesday, reaching $55.47. 1,618,346 shares of the company were exchanged, compared to its average volume of 1,184,037. The business’s fifty day moving average price is $53.13 and its 200 day moving average price is $49.95. The stock has a market capitalization of $9.01 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 1.32 and a beta of 0.61. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.92.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. The company had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. During the same period in the prior year, the business earned $0.33 EPS. The firm’s quarterly revenue was up 36.3% on a year-over-year basis. Equities research analysts forecast that Kinetik Holdings Inc. will post 1.30 earnings per share for the current year.

Institutional Investors Weigh In On Kinetik

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in Kinetik in the 2nd quarter valued at approximately $17,364,000. Infrastructure Capital Advisors LLC acquired a new position in shares of Kinetik in the fourth quarter worth $9,323,000. Pictet Asset Management Holding SA grew its stake in shares of Kinetik by 107.1% in the first quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company’s stock worth $17,701,000 after acquiring an additional 189,065 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Kinetik by 92.6% in the first quarter. SG Americas Securities LLC now owns 274,447 shares of the company’s stock worth $13,286,000 after acquiring an additional 131,971 shares in the last quarter. Finally, Crawford Investment Counsel Inc. increased its position in shares of Kinetik by 30.5% during the fourth quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company’s stock worth $14,541,000 after acquiring an additional 94,173 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

KNTK has been the topic of several recent research reports. Morgan Stanley reissued an “overweight” rating and set a $70.00 price target (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. JPMorgan Chase & Co. raised their price objective on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Wells Fargo & Company restated an “overweight” rating and set a $54.00 price objective on shares of Kinetik in a research report on Monday, August 10th. Raymond James Financial reaffirmed an “outperform” rating and set a $55.00 target price on shares of Kinetik in a research note on Friday, August 7th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $58.00 target price (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.33.

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.