Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $3,144,778.56 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $53.79, for a total transaction of $3,144,778.56. Following the completion of the transaction, the insider directly owned 216,020 shares in the company, valued at $11,619,715.80. This represents a 21.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 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 Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The shares were sold at an average price of $54.00, for a total transaction of $5,106,780.00.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The shares were sold at an average price of $53.53, for a total transaction of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The stock was sold at an average price of $53.55, for a total transaction of $1,295,588.70.
• On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The stock was sold at an average price of $53.72, for a total transaction of $2,145,415.64.
• On Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The stock was sold at an average price of $53.59, for a total transaction of $1,152,774.49.
• 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 value of $7,328,307.00.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The shares were sold at an average price of $53.84, for a total value 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 stock was 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.

Kinetik Trading Down 0.6%

Shares of Kinetik stock traded down $0.35 on Wednesday, reaching $53.60. 1,385,686 shares of the company were exchanged, compared to its average volume of 1,186,384. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.92. The firm has a market capitalization of $8.70 billion, a price-to-earnings ratio of 19.42, a price-to-earnings-growth ratio of 1.31 and a beta of 0.61. The stock has a fifty day moving average price of $52.82 and a 200-day moving average price of $49.73.

Kinetik (NYSE:KNTK) last released 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. The business had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.Kinetik’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter last year, the company posted $0.33 EPS. On average, equities analysts anticipate that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on KNTK shares. Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. upped their price target on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.00 price objective on shares of Kinetik in a research note on Wednesday, September 9th. Raymond James Financial reiterated an “outperform” rating and set a $55.00 price objective on shares of Kinetik in a research report on Friday, August 7th. Finally, Clear Str downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Institutional Trading of Kinetik

A number of hedge funds have recently made changes to their positions in the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after purchasing an additional 30,600 shares during the period. Cohen & Steers Inc. increased its stake in Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after buying an additional 833,224 shares during the period. Dimensional Fund Advisors LP lifted its position in Kinetik by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after buying an additional 8,513 shares in the last quarter. SIR Capital Management L.P. lifted its position in Kinetik by 195.1% in the 4th quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock worth $24,229,000 after buying an additional 444,368 shares in the last quarter. Finally, Crawford Investment Counsel Inc. lifted its position in Kinetik by 30.5% in the 4th quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company’s stock worth $14,541,000 after buying an additional 94,173 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.