Kinetik (NYSE:KNTK) Major Shareholder Sells 108,977 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 108,977 shares of the company’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $53.84, for a total transaction of $5,867,321.68. Following the completion of the sale, the insider directly owned 604,868 shares of the company’s stock, valued at approximately $32,566,093.12. This represents a 15.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% 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, 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 value of $7,328,307.00.
• 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 transaction 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 transaction of $258,245.46.
• 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 shares were 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 stock was 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 stock was sold at an average price of $55.28, for a total value of $4,215,652.80.

Kinetik Stock Down 0.6%

Shares of NYSE KNTK traded down $0.30 during mid-day trading on Monday, hitting $53.20. 1,168,520 shares of the company traded hands, compared to its average volume of 1,173,101. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $56.92. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 1.32 and a beta of 0.57. The business has a 50 day moving average of $52.44 and a two-hundred day moving average of $49.22.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.Kinetik’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter last year, the company posted $0.33 EPS. As a group, research analysts anticipate that Kinetik Holdings Inc. will post 1.3 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in 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 research report on Tuesday, August 18th. Raymond James Financial restated an “outperform” rating and issued a $55.00 price target on shares of Kinetik in a research report on Friday, August 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 price objective (up from $56.00) on shares of Kinetik in a research note on Tuesday, August 11th. Clear Str cut shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $54.00 target price on shares of Kinetik in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Hedge Funds Weigh In On Kinetik

Large investors have recently made changes to their positions in the business. Allworth Financial LP boosted its holdings in shares of 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 period. GAMMA Investing LLC increased its stake in Kinetik by 10.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after buying an additional 273 shares during the period. ProShare Advisors LLC lifted its position in Kinetik by 3.5% in the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after buying an additional 294 shares in the last quarter. Essex Financial Services Inc. lifted its position in Kinetik by 2.8% in the 1st quarter. Essex Financial Services Inc. now owns 19,057 shares of the company’s stock worth $923,000 after buying an additional 515 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Kinetik by 0.5% in the 4th quarter. Legal & General Group Plc now owns 117,720 shares of the company’s stock worth $4,244,000 after buying an additional 610 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.