Kinetik (NYSE:KNTK) Major Shareholder Sells 78,474 Shares

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 78,474 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $50.87, for a total value of $3,991,972.38. Following the transaction, the insider owned 1,586,346 shares of the company’s stock, valued at $80,697,421.02. This represents a 4.71% 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 sales and purchases with the SEC.

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

• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The shares were sold at an average price of $51.52, for a total transaction 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 Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The shares were sold at an average price of $50.24, for a total value of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48.
• On Monday, August 3rd, Isq Global Fund Ii Gp Llc sold 2,175 shares of Kinetik stock. The stock was sold at an average price of $50.04, for a total transaction of $108,837.00.

Kinetik Stock Performance

Shares of NYSE KNTK traded up $0.11 during trading on Wednesday, reaching $51.22. The company had a trading volume of 671,949 shares, compared to its average volume of 1,067,033. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $52.69. The stock has a market cap of $8.32 billion, a PE ratio of 17.27, a PEG ratio of 1.69 and a beta of 0.56. The business’s 50 day moving average price is $48.64 and its 200-day moving average price is $46.90.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million during 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%. Kinetik’s revenue was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.33 EPS. Equities analysts anticipate that Kinetik Holdings Inc. will post 0.97 earnings per share for the current year.

Hedge Funds Weigh In On Kinetik

Several institutional investors and hedge funds have recently made changes to their positions in KNTK. Vanguard Group Inc. raised its stake in Kinetik by 9.4% during the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after buying an additional 439,586 shares during the period. Zimmer Partners LP acquired a new position in Kinetik in the fourth quarter valued at about $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Kinetik by 1.7% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after acquiring an additional 30,600 shares in the last quarter. Cohen & Steers Inc. increased its holdings in shares of Kinetik by 82.5% in the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after acquiring an additional 833,224 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Kinetik by 22.4% during the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after purchasing an additional 325,251 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on KNTK shares. Zacks Research raised shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Raymond James Financial reaffirmed an “outperform” rating and set a $55.00 target price on shares of Kinetik in a report on Friday, August 7th. Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. increased their price target on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price target (up from $56.00) on shares of Kinetik in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.87.

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.