Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 58,439 Shares of Company Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock in a transaction on Friday, October 9th. The shares were sold at an average price of $54.21, for a total value of $3,167,978.19. Following the transaction, the insider owned 38,378 shares in the company, valued at $2,080,471.38. This trade represents a 60.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Large shareholders that own 10% or more 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 Monday, October 12th, Isq Global Fund Ii Gp Llc sold 38,377 shares of Kinetik stock. The shares were sold at an average price of $54.19, for a total value of $2,079,649.63.
• 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 stock was 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 stock was 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 transaction 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 transaction of $1,295,588.70.
• On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The shares were sold at an average price of $53.72, for a total transaction of $2,145,415.64.
• On Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The shares were 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 shares were 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 stock was sold at an average price of $53.84, for a total transaction of $5,867,321.68.

Kinetik Trading Up 1.7%

Kinetik stock traded up $0.94 during mid-day trading on Tuesday, hitting $55.47. The stock had a trading volume of 1,618,346 shares, compared to its average volume of 1,184,037. The firm’s 50 day moving average is $53.13 and its 200 day moving average is $49.95. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $56.92. The firm has a market capitalization of $9.01 billion, a P/E ratio of 20.10, a P/E/G ratio of 1.32 and a beta of 0.61.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating 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 quarter 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, equities research analysts forecast that Kinetik Holdings Inc. will post 1.30 earnings per share for the current year.

Hedge Funds Weigh In On Kinetik

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Kinetik by 1.7% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after buying an additional 30,600 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Kinetik by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after acquiring an additional 8,513 shares during the last quarter. Crawford Investment Counsel Inc. increased its stake in Kinetik by 30.5% in the 4th quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company’s stock worth $14,541,000 after acquiring an additional 94,173 shares during the last quarter. NEOS Investment Management LLC grew its holdings 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 purchasing an additional 92,637 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Kinetik by 107.1% in the first 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. 21.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on KNTK shares. Morgan Stanley reissued an “overweight” rating and issued a $70.00 target price (up from $64.00) on shares of Kinetik in a report on Tuesday, August 18th. Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Citigroup reaffirmed a “buy” rating and set a $55.00 target price (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Scotiabank reiterated an “outperform” rating and issued a $58.00 price target (up from $52.00) on shares of Kinetik in a report on Thursday, September 10th. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $54.00 price target on shares of Kinetik in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.33.

Kinetik Company Profile

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.