Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $5,834,670.00 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 113,075 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $51.60, for a total value of $5,834,670.00. Following the sale, the insider owned 1,241,054 shares in the company, valued at $64,038,386.40. The trade was a 8.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The stock was sold at an average price of $52.78, for a total value of $7,130,683.56.
• On Friday, August 14th, Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock. The stock was sold at an average price of $53.48, for a total transaction of $5,998,316.80.
• 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 shares were sold at an average price of $52.03, for a total value of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The stock was sold at an average price of $50.87, for a total value of $3,991,972.38.
• 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 value of $108,837.00.

Kinetik Price Performance

Kinetik stock traded down $0.45 during trading hours on Monday, reaching $52.99. The company had a trading volume of 840,819 shares, compared to its average volume of 1,059,783. The company has a 50-day moving average price of $49.07 and a 200 day moving average price of $47.18. The firm has a market cap of $8.60 billion, a price-to-earnings ratio of 19.20, a P/E/G ratio of 1.32 and a beta of 0.56. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $54.12.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business’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 earnings per share. As a group, research analysts expect that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Kinetik by 9.4% in the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after purchasing an additional 439,586 shares in the last quarter. Zimmer Partners LP bought a new stake in shares of Kinetik during the 4th quarter valued at about $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Kinetik by 1.7% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after purchasing an additional 30,600 shares in the last quarter. Cohen & Steers Inc. increased its position in shares of Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after buying an additional 833,224 shares during the period. Finally, Invesco Ltd. increased 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 valued at $63,997,000 after buying an additional 325,251 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Tudor Pickering assumed coverage on shares of Kinetik in a report on Monday, July 20th. They set a “buy” rating and a $57.00 price target for the company. Scotiabank reissued an “outperform” rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Truist Financial upped their price objective on shares of Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.87.

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.