Kinetik (NYSE:KNTK) Major Shareholder Sells $807,660.64 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $53.53, for a total value of $807,660.64. Following the completion of the transaction, the insider directly owned 369,054 shares in the company, valued at $19,755,460.62. This represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s stock 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 Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The stock was 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 shares were sold at an average price of $54.00, for a total value of $5,106,780.00.
• 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 transaction 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 transaction of $7,328,307.00.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The shares were sold at an average price of $53.84, for a total transaction of $5,867,321.68.
• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The shares were sold at an average price of $55.06, for a total value of $482,986.32.
• On Tuesday, September 15th, Isq Global Fund Ii Gp Llc sold 4,686 shares of Kinetik stock. The stock was sold at an average price of $55.11, for a total value of $258,245.46.
• On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The stock was sold at an average price of $55.15, for a total value of $56,528.75.

Kinetik Stock Performance

Shares of NYSE:KNTK traded down $0.35 during trading on Wednesday, hitting $53.60. The company’s stock had a trading volume of 1,385,686 shares, compared to its average volume of 1,186,384. The company has a market capitalization of $8.70 billion, a PE ratio of 19.42, a PEG ratio of 1.31 and a beta of 0.61. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.92. The stock’s 50-day moving average price is $52.82 and its two-hundred day moving average price is $49.73.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $421.48 million. During the same period in the previous 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, equities analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kinetik

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP lifted its stake in Kinetik by 72.4% during the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock worth $28,000 after purchasing an additional 239 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Kinetik during the second quarter valued at $71,000. Nykredit A S bought a new stake in Kinetik during the second quarter valued at $109,000. GAMMA Investing LLC raised its holdings in shares of Kinetik by 10.5% during the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after purchasing an additional 273 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Kinetik in the 1st quarter worth about $140,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Citigroup reaffirmed a “buy” rating and issued a $55.00 price target (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Weiss Ratings raised shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Wells Fargo & Company restated an “overweight” rating and issued a $54.00 target price on shares of Kinetik in a research note on Monday, August 10th. Tudor Pickering initiated coverage on shares of Kinetik in a research report on Monday, July 20th. They set a “buy” rating and a $57.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

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.