Kinetik (NYSE:KNTK) Major Shareholder Sells $2,145,415.64 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 39,937 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $53.72, for a total transaction of $2,145,415.64. Following the transaction, the insider directly owned 408,336 shares of the company’s stock, valued at $21,935,809.92. The trade was a 8.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock 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 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 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.
• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The shares were 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 stock was 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 shares were sold at an average price of $55.39, for a total value of $323,477.60.
• On Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The stock was 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.

Kinetik Price Performance

Shares of KNTK stock traded down $0.63 during trading on Thursday, reaching $52.29. The company’s stock had a trading volume of 961,975 shares, compared to its average volume of 1,178,283. The company has a market capitalization of $8.49 billion, a price-to-earnings ratio of 18.95, a P/E/G ratio of 1.29 and a beta of 0.57. The stock’s 50-day moving average price is $52.57 and its 200 day moving average price is $49.32. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $56.92.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company had revenue of $581.44 million for the quarter, compared to analyst estimates 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. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Kinetik

Hedge funds have recently made changes to their positions in the company. Cohen & Steers Inc. raised its position in Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after purchasing an additional 833,224 shares during the last quarter. SIR Capital Management L.P. grew its position in Kinetik by 195.1% during the 4th quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock worth $24,229,000 after purchasing an additional 444,368 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Kinetik in the second quarter valued at $17,364,000. Infrastructure Capital Advisors LLC acquired a new position in Kinetik in the fourth quarter valued at $9,323,000. Finally, Pictet Asset Management Holding SA raised its holdings 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 valued at $17,701,000 after buying an additional 189,065 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analyst Ratings Changes

KNTK has been the subject of several recent research reports. Scotiabank reiterated an “outperform” rating and issued a $58.00 price objective (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. Clear Str lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Raymond James Financial reiterated an “outperform” rating and issued a $55.00 price target on shares of Kinetik in a research note on Friday, August 7th. Truist Financial increased their price objective on shares of Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Barclays set a $51.00 price objective on shares of Kinetik and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.