Kinetik (NYSE:KNTK) Major Shareholder Sells $258,245.46 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 4,686 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $55.11, for a total value of $258,245.46. Following the completion of the sale, the insider owned 722,617 shares in the company, valued at approximately $39,823,422.87. This represents a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 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 value of $482,986.32.
• On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The shares were sold at an average price of $55.15, for a total value of $56,528.75.
• On Thursday, September 10th, Isq Global Fund Ii Gp Llc sold 5,840 shares of Kinetik stock. The stock was sold at an average price of $55.39, for a total value of $323,477.60.
• On Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The stock was sold at an average price of $55.19, for a total value of $253,046.15.
• On Tuesday, September 8th, Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock. The stock was sold at an average price of $55.14, for a total value of $3,219,238.62.
• On Tuesday, September 1st, Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock. The shares were sold at an average price of $55.06, for a total value of $2,501,265.68.
• On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The shares were sold at an average price of $55.28, for a total value of $4,215,652.80.
• On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The shares were sold at an average price of $55.17, for a total transaction of $384,148.71.
• On Tuesday, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The stock was sold at an average price of $54.32, for a total transaction of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The stock was sold at an average price of $55.07, for a total transaction of $171,102.49.

Kinetik Trading Down 0.2%

Shares of Kinetik stock opened at $53.59 on Friday. The company has a fifty day simple moving average of $52.39 and a 200-day simple moving average of $49.15. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $56.92. The stock has a market cap of $8.70 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.33 and a beta of 0.57.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. 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 business earned $0.33 EPS. Kinetik’s revenue for the quarter was up 36.3% compared to the same quarter last year. On average, analysts forecast that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cohen & Steers Inc. increased its holdings in Kinetik by 82.5% in the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after buying an additional 833,224 shares in the last quarter. SIR Capital Management L.P. boosted its stake in shares of Kinetik by 195.1% during the 4th quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock worth $24,229,000 after acquiring an additional 444,368 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Kinetik in the 2nd quarter worth approximately $17,364,000. Infrastructure Capital Advisors LLC acquired a new stake in shares of Kinetik in the 4th quarter worth approximately $9,323,000. Finally, Pictet Asset Management Holding SA increased its stake in Kinetik by 107.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company’s stock valued at $17,701,000 after purchasing an additional 189,065 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on KNTK. Truist Financial increased their price objective on Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Citigroup reaffirmed a “buy” rating and issued a $55.00 target price (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Morgan Stanley reissued an “overweight” rating and set a $70.00 price target (up from $64.00) on shares of Kinetik in a report on Tuesday, August 18th. Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price target (up from $56.00) on shares of Kinetik in a research report on Tuesday, August 11th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $56.00 price objective on shares of Kinetik in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Kinetik Company Profile

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company’s operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.