Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $384,148.71 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 6,963 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $55.17, for a total transaction of $384,148.71. Following the sale, the insider directly owned 918,824 shares of the company’s stock, valued at approximately $50,691,520.08. This trade represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more 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 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 transaction of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The stock was sold at an average price of $55.07, for a total transaction of $171,102.49.
• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The shares were sold at an average price of $52.78, for a total transaction of $7,130,683.56.
• 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 value 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 value 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 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 stock was 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 $0.36 during trading on Tuesday, hitting $54.34. 1,362,462 shares of the company were exchanged, compared to its average volume of 1,172,689. The firm has a market capitalization of $8.82 billion, a P/E ratio of 19.69, a price-to-earnings-growth ratio of 1.35 and a beta of 0.56. The firm’s fifty day moving average price is $49.86 and its 200 day moving average price is $47.67. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $56.10.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. During the same period last year, the company posted $0.33 EPS. Kinetik’s revenue for the quarter was up 36.3% on a year-over-year basis. As a group, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price target (up from $64.00) on shares of Kinetik in a report on Tuesday, August 18th. Jefferies Financial Group reaffirmed a “hold” rating and set a $51.00 price objective on shares of Kinetik in a research note on Friday, May 8th. Raymond James Financial reiterated an “outperform” rating and set a $55.00 target price on shares of Kinetik in a report on Friday, August 7th. Barclays set a $51.00 target price on Kinetik and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $54.00 price target on shares of Kinetik in a research report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.27.

Institutional Investors Weigh In On Kinetik

Several large investors have recently made changes to their positions in KNTK. California State Teachers Retirement System increased its holdings in Kinetik by 4,839.8% during the 2nd quarter. California State Teachers Retirement System now owns 2,898,031 shares of the company’s stock worth $140,091,000 after purchasing an additional 2,839,364 shares in the last quarter. Zimmer Partners LP bought a new stake in shares of Kinetik in the fourth quarter valued at about $98,611,000. Wellington Management Group LLP lifted its holdings in shares of Kinetik by 149.6% in the fourth quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock valued at $57,983,000 after purchasing an additional 964,130 shares in the last quarter. Cohen & Steers Inc. lifted its holdings in shares of Kinetik by 82.5% in the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after purchasing an additional 833,224 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Kinetik by 382.8% during the fourth quarter. Principal Financial Group Inc. now owns 1,018,692 shares of the company’s stock worth $36,724,000 after buying an additional 807,707 shares during the period. Institutional investors own 21.11% of the company’s stock.

About Kinetik

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.