Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 6,963 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 6,963 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $55.17, for a total transaction of $384,148.71. Following the completion of the transaction, the insider owned 918,824 shares in the company, valued at $50,691,520.08. This represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more 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, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The shares were sold at an average price of $54.32, for a total value of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total transaction of $171,102.49.
• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The stock was sold at an average price of $52.78, for a total transaction of $7,130,683.56.
• On Friday, August 14th, Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock. The shares were sold at an average price of $53.48, for a total transaction of $5,998,316.80.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The stock was sold at an average price of $51.60, for a total transaction of $5,834,670.00.
• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The stock was sold at an average price of $51.52, for a total value of $4,363,795.52.
• On Tuesday, August 11th, Isq Global Fund Ii Gp Llc sold 147,516 shares of Kinetik stock. The shares were sold at an average price of $52.03, for a total transaction of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The shares were sold at an average price of $50.87, for a total value of $3,991,972.38.
• On Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The stock was sold at an average price of $50.24, for a total transaction of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48.

Kinetik Price Performance

NYSE:KNTK opened at $54.34 on Wednesday. The firm has a market cap of $8.82 billion, a PE ratio of 19.69, a P/E/G ratio of 1.35 and a beta of 0.56. The firm has a 50 day simple moving average of $50.04 and a 200-day simple moving average of $47.76. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $56.10.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same period last year, the company earned $0.33 EPS. The firm’s quarterly revenue was up 36.3% on a year-over-year basis. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kinetik

Institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System lifted its position in Kinetik by 4,839.8% in the second quarter. California State Teachers Retirement System now owns 2,898,031 shares of the company’s stock worth $140,091,000 after purchasing an additional 2,839,364 shares during the period. NEOS Investment Management LLC increased its stake in shares of Kinetik by 30.9% in the second quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock valued at $18,955,000 after buying an additional 92,637 shares in the last quarter. iSAM Funds UK Ltd raised its stake in shares of Kinetik by 11.9% in the second quarter. iSAM Funds UK Ltd now owns 6,400 shares of the company’s stock worth $309,000 after acquiring an additional 680 shares during the last quarter. Nykredit A S acquired a new position in Kinetik during the 2nd quarter worth $109,000. Finally, Pinnacle Holdings LLC bought a new position in Kinetik in the second quarter valued at about $4,476,000. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on KNTK shares. Mizuho increased their target price on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Clear Str lowered Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Zacks Research upgraded shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Barclays set a $51.00 target price on Kinetik and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Finally, Citigroup reissued a “buy” rating and set a $55.00 target price (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.27.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.