Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $5,106,780.00 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 94,570 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $54.00, for a total transaction of $5,106,780.00. Following the completion of the sale, the insider owned 274,484 shares of the company’s stock, valued at approximately $14,822,136. The trade was a 25.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions 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 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 shares were 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 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 value 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 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 value 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 Down 0.6%

Shares of NYSE KNTK traded down $0.35 during midday trading on Wednesday, hitting $53.60. The stock had a trading volume of 1,385,686 shares, compared to its average volume of 1,186,384. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $56.92. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.31 and a beta of 0.61. The company has a fifty day moving average price of $52.82 and a 200 day moving average price of $49.73.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm 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 company earned $0.33 EPS. The company’s revenue was up 36.3% on a year-over-year basis. On average, research analysts forecast that Kinetik Holdings Inc. will post 1.3 EPS for the current year.

Institutional Trading of Kinetik

A number of hedge funds have recently made changes to their positions in the company. Allworth Financial LP lifted its position 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 in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Kinetik during the 2nd quarter valued at $71,000. Nykredit A S acquired a new stake in Kinetik during the 2nd quarter valued at $109,000. GAMMA Investing LLC increased its stake in Kinetik by 10.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after buying an additional 273 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Kinetik during the 1st quarter worth $140,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on KNTK. Raymond James Financial reissued an “outperform” rating and issued a $55.00 target price on shares of Kinetik in a research note on Friday, August 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Kinetik in a research report on Tuesday, August 11th. Clear Str downgraded Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Weiss Ratings raised Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Finally, Jefferies Financial Group restated a “hold” rating and set a $56.00 price objective on shares of Kinetik in a research note on Wednesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.00.

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.