Kinetik (NYSE:KNTK) Major Shareholder Sells $5,106,780.00 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $54.00, for a total transaction of $5,106,780.00. Following the transaction, the insider directly owned 274,484 shares in the company, valued at approximately $14,822,136. The trade was a 25.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 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 Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The shares were sold at an average price of $53.79, for a total transaction of $3,144,778.56.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The stock was sold at an average price of $53.53, for a total value 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 value of $2,145,415.64.
• On Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The shares were sold at an average price of $53.59, for a total value 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 stock was 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 transaction 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 transaction 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 transaction of $56,528.75.

Kinetik Stock Performance

NYSE KNTK opened at $53.42 on Friday. The firm has a market capitalization of $8.67 billion, a P/E ratio of 19.36, a price-to-earnings-growth ratio of 1.34 and a beta of 0.61. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.92. The stock’s fifty day moving average is $53.03 and its two-hundred day moving average is $49.87.

Kinetik (NYSE:KNTK) last issued 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 firm 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%. Kinetik’s revenue was up 36.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 EPS. As a group, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.30 EPS for the current year.

Institutional Trading of Kinetik

Several large investors have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its holdings in Kinetik by 72.4% during the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock worth $28,000 after buying an additional 239 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Kinetik during the second quarter valued at $71,000. Nykredit A S purchased a new stake in Kinetik in the 2nd quarter worth about $109,000. GAMMA Investing LLC increased its holdings in shares of Kinetik by 10.5% in 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 period. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Kinetik in the first quarter worth approximately $140,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on KNTK shares. Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Citigroup reissued a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Tudor Pickering started coverage on Kinetik in a research note on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price target (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. Finally, Weiss Ratings upgraded Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Two research 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 company. According to data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Kinetik Company Profile

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.