Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 235,349 Shares

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48. Following the completion of the sale, the insider owned 1,691,370 shares in the company, valued at $85,448,012.40. The trade was a 12.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The shares were sold at an average price of $50.24, for a total value of $1,333,872.00.
• On Monday, August 3rd, Isq Global Fund Ii Gp Llc sold 2,175 shares of Kinetik stock. The stock was sold at an average price of $50.04, for a total value of $108,837.00.

Kinetik Price Performance

KNTK stock traded down $1.09 on Friday, reaching $49.08. The company’s stock had a trading volume of 1,145,809 shares, compared to its average volume of 967,348. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $52.54. The company has a market capitalization of $7.97 billion, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 1.98 and a beta of 0.56. The firm has a fifty day moving average of $48.31 and a two-hundred day moving average of $46.59.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a negative return on equity of 37.86% and a net margin of 26.19%.The firm’s revenue was up 36.3% compared to the same quarter last year. During the same period last year, the firm earned $0.33 EPS. As a group, equities analysts expect that Kinetik Holdings Inc. will post 0.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of KNTK. CWM LLC boosted its position in shares of Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC grew its stake in shares of Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Kinetik in the 4th quarter worth approximately $33,000. Los Angeles Capital Management LLC bought a new stake in shares of Kinetik in the 4th quarter worth approximately $40,000. Finally, Huntington National Bank lifted its stake in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after purchasing an additional 711 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on KNTK shares. Raymond James Financial reissued an “outperform” rating and set a $55.00 price target on shares of Kinetik in a report on Friday. Jefferies Financial Group restated a “hold” rating and set a $51.00 price target on shares of Kinetik in a research report on Friday, May 8th. JPMorgan Chase & Co. upped their price target on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Tudor Pickering initiated coverage on shares of Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, Scotiabank reiterated an “outperform” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.07.

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.