Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 2,175 Shares

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 2,175 shares of Kinetik stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $50.04, for a total value of $108,837.00. Following the completion of the transaction, the insider directly owned 1,926,719 shares in the company, valued at approximately $96,413,018.76. This represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more 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 Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The stock was 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.

Kinetik Price Performance

Shares of Kinetik stock traded down $1.09 during midday trading on Friday, hitting $49.08. The company had a trading volume of 1,145,809 shares, compared to its average volume of 967,348. The business’s 50 day simple moving average is $48.31 and its two-hundred day simple moving average is $46.59. The stock has a market cap of $7.97 billion, a PE ratio of 16.95, a P/E/G ratio of 1.98 and a beta of 0.56. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $52.54.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 37.86%. The firm 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 company earned $0.33 EPS. The business’s quarterly revenue was up 36.3% compared to the same quarter last year. On average, sell-side analysts expect that Kinetik Holdings Inc. will post 0.81 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on KNTK shares. Mizuho upped their price objective on shares of Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Royal Bank Of Canada reissued an “outperform” rating and set a $56.00 target price on shares of Kinetik in a research report on Tuesday, July 21st. Tudor Pickering assumed coverage on Kinetik in a research note on Monday, July 20th. They set a “buy” rating and a $57.00 price target on the stock. US Capital Advisors raised Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $51.00 price objective on shares of Kinetik in a research report on Friday, May 8th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.07.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently made changes to their positions in the business. CWM LLC boosted its position in shares of Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after acquiring an additional 352 shares in the last quarter. Signaturefd LLC raised its position in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in Kinetik in the fourth quarter worth about $33,000. Los Angeles Capital Management LLC bought a new position in Kinetik during the fourth quarter worth about $40,000. Finally, Huntington National Bank lifted its stake in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Company Profile

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.