Kinetik (NYSE:KNTK) Major Shareholder Sells $1,175,240.39 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 20,731 shares of the business’s stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $56.69, for a total transaction of $1,175,240.39. Following the sale, the insider owned 979,270 shares of the company’s stock, valued at $55,514,816.30. This trade represents a 2.07% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 Tuesday, November 3rd, Isq Global Fund Ii Gp Llc sold 14,889 shares of Kinetik stock. The stock was sold at an average price of $55.07, for a total transaction of $819,937.23.
• On Monday, November 2nd, Isq Global Fund Ii Gp Llc sold 3,267 shares of Kinetik stock. The shares were sold at an average price of $55.13, for a total transaction of $180,109.71.
• On Tuesday, October 13th, Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock. The stock was sold at an average price of $54.77, for a total value of $109,540,000.00.
• On Monday, October 12th, Isq Global Fund Ii Gp Llc sold 38,377 shares of Kinetik stock. The stock was sold at an average price of $54.19, for a total value of $2,079,649.63.
• On Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The shares were sold at an average price of $54.21, for a total value of $3,167,978.19.
• 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 shares were 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.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $49.22 on Friday. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $58.90. The company has a market capitalization of $7.99 billion, a P/E ratio of 16.46, a P/E/G ratio of 1.14 and a beta of 0.67. The firm’s 50 day simple moving average is $53.95 and its two-hundred day simple moving average is $48.91.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). The firm had revenue of $569.40 million during the quarter. Kinetik had a negative return on equity of 44.80% and a net margin of 25.65%. Kinetik’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 EPS. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.44 earnings per share for the current fiscal year.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp increased its holdings in shares of Kinetik by 19.6% in the 3rd quarter. Fifth Third Bancorp now owns 18,391 shares of the company’s stock worth $923,000 after buying an additional 3,020 shares during the last quarter. Maryland State Retirement & Pension System raised its position in shares of Kinetik by 84.0% during the 3rd quarter. Maryland State Retirement & Pension System now owns 14,088 shares of the company’s stock valued at $707,000 after buying an additional 6,431 shares in the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of Kinetik by 16.4% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 26,566 shares of the company’s stock valued at $1,334,000 after acquiring an additional 3,736 shares during the last quarter. Woodley Farra Manion Portfolio Management Inc. lifted its holdings in shares of Kinetik by 8.5% in the 3rd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 90,862 shares of the company’s stock valued at $4,561,000 after acquiring an additional 7,117 shares during the last quarter. Finally, M&G PLC bought a new position in shares of Kinetik in the 3rd quarter valued at about $13,096,000. 21.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on KNTK. JPMorgan Chase & Co. boosted their price objective on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price on shares of Kinetik in a research report on Wednesday, October 14th. Raymond James Financial reissued an “outperform” rating and set a $57.00 target price on shares of Kinetik in a research note on Tuesday, October 20th. Royal Bank Of Canada boosted their price target on Kinetik from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 14th. Finally, Weiss Ratings upgraded Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.47.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.