Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $7,130,683.56 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 135,102 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $52.78, for a total value of $7,130,683.56. Following the sale, the insider owned 993,792 shares of the company’s stock, valued at $52,452,341.76. The trade was a 11.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own 10% or more 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 Friday, August 14th, Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock. The shares were sold at an average price of $53.48, for a total value of $5,998,316.80.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The stock was sold at an average price of $51.60, for a total transaction of $5,834,670.00.
• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The stock was 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 transaction of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The shares were 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 transaction 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 Price Performance

Shares of NYSE:KNTK opened at $54.75 on Thursday. The business has a 50-day moving average of $49.39 and a two-hundred day moving average of $47.38. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $55.34. The stock has a market capitalization of $8.89 billion, a P/E ratio of 19.84, a P/E/G ratio of 1.35 and a beta of 0.56.

Kinetik (NYSE:KNTK) last announced its quarterly 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. The company had revenue of $581.44 million for 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 company’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.33 earnings per share. As a group, research analysts expect that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the company. Pinnacle Holdings LLC acquired a new position in Kinetik in the second quarter valued at about $4,476,000. Bank of New York Mellon Corp bought a new stake in shares of Kinetik in the second quarter worth $17,364,000. GAMMA Investing LLC boosted its stake in shares of Kinetik by 10.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after buying an additional 273 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Kinetik in the first quarter valued at about $1,981,000. Finally, Amundi increased its position in shares of Kinetik by 48.7% in the first quarter. Amundi now owns 17,645 shares of the company’s stock valued at $854,000 after acquiring an additional 5,775 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on KNTK shares. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 target price (up from $64.00) on shares of Kinetik in a research note on Tuesday. Barclays set a $51.00 price target on shares of Kinetik and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Clear Str cut Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday. Wells Fargo & Company reissued an “overweight” rating and issued a $54.00 target price on shares of Kinetik in a report on Monday, August 10th. Finally, Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.27.

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.