Kinetik (NYSE:KNTK) Major Shareholder Sells 119,203 Shares of Company Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 119,203 shares of the business’s stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $54.29, for a total transaction of $6,471,530.87. Following the transaction, the insider owned 96,817 shares of the company’s stock, valued at $5,256,194.93. This represents a 55.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• On Monday, October 12th, Isq Global Fund Ii Gp Llc sold 38,377 shares of Kinetik stock. The stock was sold at an average price of $54.19, for a total value of $2,079,649.63.
• On Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The stock was sold at an average price of $54.21, for a total value of $3,167,978.19.
• 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 value of $3,144,778.56.
• 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 value 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 value of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The shares were sold at an average price of $53.55, for a total value 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 stock was 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 stock was 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.

Kinetik Price Performance

KNTK stock traded up $0.94 during trading on Tuesday, hitting $55.47. 1,618,346 shares of the company traded hands, compared to its average volume of 1,184,037. The stock’s 50-day simple moving average is $53.13 and its 200 day simple moving average is $49.95. The company has a market cap of $9.01 billion, a PE ratio of 20.10, a P/E/G ratio of 1.32 and a beta of 0.61. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $56.92.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (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 period in the previous year, the company posted $0.33 earnings per share. Kinetik’s revenue for the quarter was up 36.3% on a year-over-year basis. Research analysts expect that Kinetik Holdings Inc. will post 1.30 earnings per share for the current year.

Analysts Set New Price Targets

KNTK has been the subject of several analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 target price (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. Wells Fargo & Company restated an “overweight” rating and set a $54.00 price target on shares of Kinetik in a research report on Monday, August 10th. Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Tudor Pickering began coverage on shares of Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, Clear Str downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNTK. Tidal Investments LLC boosted its stake in Kinetik by 19.8% during the 2nd quarter. Tidal Investments LLC now owns 29,777 shares of the company’s stock worth $1,439,000 after purchasing an additional 4,930 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Kinetik in the second quarter valued at about $259,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Kinetik in the second quarter valued at about $71,000. NewEdge Advisors LLC raised its position in shares of Kinetik by 12.9% in the second quarter. NewEdge Advisors LLC now owns 46,187 shares of the company’s stock valued at $2,233,000 after buying an additional 5,269 shares during the last quarter. Finally, IFP Advisors Inc raised its position in shares of Kinetik by 28.3% in the second quarter. IFP Advisors Inc now owns 3,101 shares of the company’s stock valued at $150,000 after buying an additional 684 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.