Isq Global Fund Ii Gp Llc Sells 21,511 Shares of Kinetik (NYSE:KNTK) Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 21,511 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $53.59, for a total transaction of $1,152,774.49. Following the sale, the insider owned 448,273 shares in the company, valued at approximately $24,022,950.07. The trade was a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more 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 Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The shares were sold at an average price of $54.25, for a total transaction of $7,328,307.00.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The stock was sold at an average price of $53.84, for a total transaction of $5,867,321.68.
• 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 value of $482,986.32.
• 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 shares were 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 shares were 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 value of $253,046.15.
• On Tuesday, September 8th, Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock. The stock was sold at an average price of $55.14, for a total value 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 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 value of $4,215,652.80.

Kinetik Price Performance

Shares of KNTK traded down $0.30 during mid-day trading on Monday, hitting $53.20. 1,168,520 shares of the company’s stock were exchanged, compared to its average volume of 1,173,101. The company has a market cap of $8.64 billion, a PE ratio of 19.28, a P/E/G ratio of 1.32 and a beta of 0.57. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $56.92. The company has a 50-day simple moving average of $52.44 and a 200 day simple moving average of $49.22.

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

Institutional Trading of Kinetik

Hedge funds and other institutional investors have recently modified their holdings of the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Kinetik by 1.7% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after buying an additional 30,600 shares during the last quarter. Cohen & Steers Inc. lifted its position in Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after acquiring an additional 833,224 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Kinetik by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after acquiring an additional 8,513 shares during the last quarter. SIR Capital Management L.P. lifted its position in Kinetik by 195.1% during the fourth quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock worth $24,229,000 after acquiring an additional 444,368 shares during the last quarter. Finally, NEOS Investment Management LLC boosted its holdings in shares of Kinetik by 30.9% during the second quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after acquiring an additional 92,637 shares during the period. Institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on KNTK shares. Zacks Research downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $54.00 target price on shares of Kinetik in a research report on Monday, August 10th. Tudor Pickering began coverage on Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 target price on the stock. Truist Financial upped their target price on Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Scotiabank reissued an “outperform” rating and set a $58.00 price target (up from $52.00) on shares of Kinetik in a research report on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

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.