Kinetik (NYSE:KNTK) Major Shareholder Sells 3,267 Shares of Company Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 3,267 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $55.13, for a total value of $180,109.71. Following the sale, the insider directly owned 976,003 shares in the company, valued at $53,807,045.39. This trade represents a 0.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more 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 Tuesday, November 3rd, Isq Global Fund Ii Gp Llc sold 14,889 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total value of $819,937.23.
• On Friday, October 30th, Isq Global Fund Ii Gp Llc sold 20,731 shares of Kinetik stock. The stock was sold at an average price of $56.69, for a total value of $1,175,240.39.
• On Tuesday, October 13th, Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock. The shares were sold at an average price of $54.77, for a total value 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 value of $2,079,649.63.
• On Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The shares were sold at an average price of $54.21, for a total transaction 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 transaction 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 transaction of $3,144,778.56.
• On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The stock was 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 shares were sold at an average price of $53.55, for a total transaction of $1,295,588.70.

Kinetik Stock Up 1.4%

Shares of KNTK traded up $0.77 during mid-day trading on Tuesday, reaching $54.31. 1,441,290 shares of the company’s stock were exchanged, compared to its average volume of 1,178,988. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $58.90. The company has a market cap of $8.82 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 1.26 and a beta of 0.61. The company has a 50-day simple moving average of $54.13 and a two-hundred day simple moving average of $48.71.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data 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. 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 analyst estimates of $421.48 million. During the same quarter in the previous year, the business posted $0.33 earnings per share. The company’s revenue was up 36.3% on a year-over-year basis. As a group, equities research analysts predict that Kinetik Holdings Inc. will post 1.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

KNTK has been the topic of several analyst reports. Clear Str downgraded Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Jefferies Financial Group restated a “hold” rating and issued a $54.00 price target (down from $56.00) on shares of Kinetik in a report on Monday, October 19th. Morgan Stanley lowered their price objective on shares of Kinetik from $70.00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. Zacks Research lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Friday. Finally, Raymond James Financial reissued an “outperform” rating and set a $57.00 target price on shares of Kinetik in a research report on Tuesday, October 20th. 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.47.

Hedge Funds Weigh In On Kinetik

Several institutional investors and hedge funds have recently made changes to their positions in KNTK. Allworth Financial LP increased its holdings in shares of Kinetik by 72.4% in the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after acquiring an additional 239 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Kinetik by 10.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after acquiring an additional 273 shares in the last quarter. Royal Fund Management LLC lifted its stake in Kinetik by 1.3% during the third quarter. Royal Fund Management LLC now owns 21,876 shares of the company’s stock worth $1,098,000 after purchasing an additional 289 shares during the last quarter. ProShare Advisors LLC lifted its stake in Kinetik by 4.0% during the third quarter. ProShare Advisors LLC now owns 7,676 shares of the company’s stock worth $385,000 after purchasing an additional 295 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in Kinetik by 21.3% in the third quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock worth $86,000 after purchasing an additional 301 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.