Kinetik (NYSE:KNTK) Major Shareholder Sells $258,245.46 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 4,686 shares of the business’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $55.11, for a total value of $258,245.46. Following the sale, the insider owned 722,617 shares in the company, valued at approximately $39,823,422.87. The trade was a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total transaction of $482,986.32.
• 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 transaction of $56,528.75.
• On Thursday, September 10th, Isq Global Fund Ii Gp Llc sold 5,840 shares of Kinetik stock. The stock was sold at an average price of $55.39, for a total transaction of $323,477.60.
• On Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The shares were 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.
• On Tuesday, September 1st, Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total transaction of $2,501,265.68.
• On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The stock was sold at an average price of $55.28, for a total transaction of $4,215,652.80.
• On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The shares were sold at an average price of $55.17, for a total transaction of $384,148.71.
• On Tuesday, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The shares were sold at an average price of $54.32, for a total value of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total value of $171,102.49.

Kinetik Stock Down 1.5%

Shares of Kinetik stock traded down $0.83 during midday trading on Wednesday, hitting $53.87. The company’s stock had a trading volume of 1,568,378 shares, compared to its average volume of 1,002,639. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $56.92. The firm has a market capitalization of $8.75 billion, a P/E ratio of 19.52, a PEG ratio of 1.35 and a beta of 0.57. The stock has a 50-day simple moving average of $52.17 and a 200-day simple moving average of $49.06.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.Kinetik’s quarterly revenue was up 36.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 earnings per share. As a group, sell-side analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on KNTK. Zacks Research downgraded Kinetik from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Scotiabank reaffirmed an “outperform” rating and set a $58.00 price objective (up from $52.00) on shares of Kinetik in a research report on Thursday, September 10th. 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. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 target price (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. Finally, Barclays set a $51.00 target price on shares of Kinetik and gave the company an “equal weight” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Institutional Investors Weigh In On Kinetik

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cohen & Steers Inc. grew its stake in shares of 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 buying an additional 833,224 shares in the last quarter. SIR Capital Management L.P. increased its holdings in Kinetik by 195.1% in the fourth quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock worth $24,229,000 after buying an additional 444,368 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Kinetik during the second quarter valued at approximately $17,364,000. Infrastructure Capital Advisors LLC bought a new position in Kinetik during the fourth quarter valued at approximately $9,323,000. Finally, Pictet Asset Management Holding SA lifted its stake in 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 acquiring an additional 189,065 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.