Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $1,175,240.39 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 20,731 shares of the business’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $56.69, for a total transaction of $1,175,240.39. Following the completion of the sale, the insider owned 979,270 shares of the company’s stock, valued at approximately $55,514,816.30. This represents a 2.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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, November 3rd, Isq Global Fund Ii Gp Llc sold 14,889 shares of Kinetik stock. The stock was sold at an average price of $55.07, for a total transaction of $819,937.23.
• On Monday, November 2nd, Isq Global Fund Ii Gp Llc sold 3,267 shares of Kinetik stock. The shares were sold at an average price of $55.13, for a total transaction of $180,109.71.
• On Tuesday, October 13th, Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock. The stock was sold at an average price of $54.77, for a total transaction of $109,540,000.00.
• 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 transaction 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 Thursday, October 8th, Isq Global Fund Ii Gp Llc sold 119,203 shares of Kinetik stock. The shares were sold at an average price of $54.29, for a total value of $6,471,530.87.
• 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 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 value of $1,295,588.70.

Kinetik Stock Performance

KNTK stock traded up $0.77 during trading on Tuesday, reaching $54.31. 1,441,290 shares of the company traded hands, compared to its average volume of 1,178,988. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $58.90. The business has a 50 day simple moving average of $54.13 and a 200 day simple moving average of $48.71. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 1.26 and a beta of 0.61.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business 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. The firm’s revenue was up 36.3% on a year-over-year basis. As a group, research analysts forecast that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Pictet Asset Management Holding SA lifted its holdings in shares of Kinetik by 6.8% during the third quarter. Pictet Asset Management Holding SA now owns 481,466 shares of the company’s stock worth $24,170,000 after purchasing an additional 30,550 shares during the period. Alps Advisors Inc. boosted its position in Kinetik by 11.6% in the third quarter. Alps Advisors Inc. now owns 182,568 shares of the company’s stock valued at $9,165,000 after buying an additional 18,949 shares during the last quarter. Arrow Investment Advisors LLC increased its holdings in Kinetik by 10.2% in the 3rd quarter. Arrow Investment Advisors LLC now owns 5,040 shares of the company’s stock worth $253,000 after buying an additional 467 shares during the period. Commonwealth Equity Services LLC increased its holdings in Kinetik by 1.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 45,790 shares of the company’s stock worth $2,299,000 after buying an additional 787 shares during the period. Finally, Covestor Ltd increased its holdings in Kinetik by 13,233.3% in the 3rd quarter. Covestor Ltd now owns 2,000 shares of the company’s stock worth $100,000 after buying an additional 1,985 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analysts Set New Price Targets

KNTK has been the subject of a number of analyst reports. Barclays increased their target price on shares of Kinetik from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 13th. JPMorgan Chase & Co. upped their price target on Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Tudor Pickering started coverage on Kinetik in a report on Monday, July 20th. They set a “buy” rating and a $57.00 price objective for the company. Raymond James Financial reissued an “outperform” rating and issued a $57.00 price objective on shares of Kinetik in a research report on Tuesday, October 20th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $58.00 target price on shares of Kinetik in a research note on Wednesday, October 14th. 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.47.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.