Kinetik (NYSE:KNTK) Major Shareholder Sells $5,834,670.00 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 113,075 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $51.60, for a total value of $5,834,670.00. Following the completion of the transaction, the insider directly owned 1,241,054 shares in the company, valued at $64,038,386.40. This represents a 8.35% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 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 value 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 value of $5,998,316.80.
• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The shares were 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 stock was sold at an average price of $52.03, for a total value of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The stock was 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 shares were 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 stock was sold at an average price of $50.52, for a total transaction of $11,889,831.48.
• 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 transaction of $108,837.00.

Kinetik Price Performance

Kinetik stock opened at $54.75 on Thursday. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $55.34. The firm’s 50 day simple moving average is $49.39 and its 200-day simple moving average is $47.38. The company has a market cap of $8.89 billion, a P/E ratio of 19.84, a price-to-earnings-growth ratio of 1.35 and a beta of 0.56.

Kinetik (NYSE:KNTK) last issued its quarterly 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. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. During the same quarter in the prior year, the firm earned $0.33 EPS. The firm’s quarterly revenue was up 36.3% on a year-over-year basis. On average, analysts expect that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on KNTK shares. Scotiabank restated an “outperform” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Jefferies Financial Group reiterated a “hold” rating and set a $51.00 price target on shares of Kinetik in a report on Friday, May 8th. Zacks Research raised Kinetik from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Raymond James Financial reissued an “outperform” rating and issued a $55.00 price objective on shares of Kinetik in a research note on Friday, August 7th. Finally, Mizuho raised their price objective on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Two 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 stock. Based on data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.27.

Institutional Trading of Kinetik

Several hedge funds and other institutional investors have recently modified their holdings of KNTK. Zimmer Partners LP acquired a new stake in Kinetik during the fourth quarter valued at $98,611,000. Wellington Management Group LLP increased its holdings in Kinetik by 149.6% in the fourth quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock worth $57,983,000 after buying an additional 964,130 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Kinetik by 86.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock valued at $66,455,000 after acquiring an additional 855,000 shares in the last quarter. Cohen & Steers Inc. lifted its stake 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 acquiring an additional 833,224 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Kinetik by 382.8% in the fourth quarter. Principal Financial Group Inc. now owns 1,018,692 shares of the company’s stock valued at $36,724,000 after acquiring an additional 807,707 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.