Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 78,474 Shares

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 78,474 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $50.87, for a total transaction of $3,991,972.38. Following the sale, the insider owned 1,586,346 shares of the company’s stock, valued at approximately $80,697,421.02. This represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own more than 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 shares were sold at an average price of $52.03, for a total transaction of $7,675,257.48.
• 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 transaction of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The stock was 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 shares were sold at an average price of $50.04, for a total value of $108,837.00.

Kinetik Stock Performance

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

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The company had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The business’s quarterly revenue was up 36.3% compared to the same quarter last year. As a group, equities research analysts predict that Kinetik Holdings Inc. will post 0.97 earnings per share for the current year.

Institutional Trading of Kinetik

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in shares of Kinetik during the 2nd quarter valued at about $17,364,000. GAMMA Investing LLC raised its position in Kinetik by 10.5% in the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after purchasing an additional 273 shares in the last quarter. NewEdge Advisors LLC acquired a new position in Kinetik in the first quarter worth about $1,981,000. Amundi boosted its holdings in Kinetik by 48.7% during the first quarter. Amundi now owns 17,645 shares of the company’s stock valued at $854,000 after purchasing an additional 5,775 shares in the last quarter. Finally, California State Teachers Retirement System boosted its holdings in Kinetik by 31.0% during the first quarter. California State Teachers Retirement System now owns 58,667 shares of the company’s stock valued at $2,840,000 after purchasing an additional 13,894 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on KNTK shares. Mizuho upped their price target on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. boosted their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Zacks Research upgraded shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. US Capital Advisors raised shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Finally, Raymond James Financial restated an “outperform” rating and issued a $55.00 price target on shares of Kinetik in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.