Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $482,986.32 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 8,772 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $55.06, for a total transaction of $482,986.32. Following the completion of the sale, the insider owned 713,845 shares in the company, valued at approximately $39,304,305.70. This trade represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 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 Tuesday, September 15th, Isq Global Fund Ii Gp Llc sold 4,686 shares of Kinetik stock. The shares were sold at an average price of $55.11, for a total value of $258,245.46.
• 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 value 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 shares were 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 stock was 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 transaction 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 transaction of $171,102.49.

Kinetik Stock Down 0.2%

Shares of NYSE KNTK opened at $53.59 on Friday. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.92. The firm has a market cap of $8.70 billion, a P/E ratio of 19.42, a PEG ratio of 1.33 and a beta of 0.57. The company has a 50 day moving average of $52.39 and a 200 day moving average of $49.15.

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

Wall Street Analyst Weigh In

KNTK has been the topic of several recent analyst reports. Citigroup reaffirmed a “buy” rating and set a $55.00 price objective (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Truist Financial upped their target price 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. Wells Fargo & Company reaffirmed an “overweight” rating and set a $54.00 price target on shares of Kinetik in a report on Monday, August 10th. Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Morgan Stanley reissued an “overweight” rating and set a $70.00 price objective (up from $64.00) on shares of Kinetik in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Allworth Financial LP boosted its position in Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock worth $28,000 after purchasing an additional 239 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Kinetik by 10.5% during the 2nd 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 last quarter. ProShare Advisors LLC lifted its stake in shares of Kinetik by 3.5% in the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after purchasing an additional 294 shares during the period. Essex Financial Services Inc. boosted its holdings in shares of Kinetik by 2.8% in the first quarter. Essex Financial Services Inc. now owns 19,057 shares of the company’s stock worth $923,000 after buying an additional 515 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of Kinetik by 6.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 10,387 shares of the company’s stock worth $374,000 after buying an additional 587 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

About Kinetik

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.