Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $3,219,238.62 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $55.14, for a total transaction of $3,219,238.62. Following the transaction, the insider owned 738,753 shares in the company, valued at $40,734,840.42. The trade was a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 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 value of $323,477.60.
• On Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The stock was sold at an average price of $55.19, for a total transaction of $253,046.15.
• On Tuesday, September 1st, Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock. The shares were sold at an average price of $55.06, for a total value of $2,501,265.68.
• On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The shares were 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 value 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 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 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 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.

Kinetik Stock Down 0.5%

NYSE KNTK traded down $0.27 on Thursday, reaching $54.28. 1,660,324 shares of the stock traded hands, compared to its average volume of 919,753. The firm’s fifty day simple moving average is $51.68 and its 200 day simple moving average is $48.79. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $56.92. The company has a market cap of $8.81 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 1.35 and a beta of 0.57.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating 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 the consensus estimate of $421.48 million. During the same quarter in the prior year, the firm earned $0.33 EPS. The company’s quarterly revenue was up 36.3% compared to the same quarter last year. As a group, equities research analysts forecast that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on KNTK shares. Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. US Capital Advisors raised shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. raised their target price on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 price target (up from $56.00) on shares of Kinetik in a research report on Tuesday, August 11th. Finally, Clear Str downgraded Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Institutional Investors Weigh In On Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in KNTK. Allworth Financial LP boosted its position in shares of Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after acquiring an additional 239 shares during the period. GAMMA Investing LLC increased its position in shares of Kinetik by 10.5% during the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after purchasing an additional 273 shares during the period. ProShare Advisors LLC increased its position in shares of Kinetik by 3.5% during the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock valued at $311,000 after purchasing an additional 294 shares during the period. Maryland State Retirement & Pension System raised its stake in shares of Kinetik by 5.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock valued at $238,000 after purchasing an additional 337 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in Kinetik by 0.4% in the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after purchasing an additional 346 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

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.