Kinetik (NYSE:KNTK) Major Shareholder Sells $27,006,173.28 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s shares 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 Wednesday, April 29th, Isq Global Fund Ii Gp Llc sold 183,434 shares of Kinetik stock. The stock was sold at an average price of $49.53, for a total transaction of $9,085,486.02.
• On Tuesday, April 28th, Isq Global Fund Ii Gp Llc sold 192,041 shares of Kinetik stock. The shares were sold at an average price of $48.56, for a total transaction of $9,325,510.96.
• On Monday, April 27th, Isq Global Fund Ii Gp Llc sold 868 shares of Kinetik stock. The shares were sold at an average price of $48.01, for a total value of $41,672.68.
• On Wednesday, April 22nd, Isq Global Fund Ii Gp Llc sold 21,429 shares of Kinetik stock. The stock was sold at an average price of $48.02, for a total transaction of $1,029,020.58.
• On Thursday, April 23rd, Isq Global Fund Ii Gp Llc sold 138,771 shares of Kinetik stock. The stock was sold at an average price of $48.17, for a total value of $6,684,599.07.
• On Thursday, February 26th, Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock. The shares were sold at an average price of $44.85, for a total transaction of $179,400,000.00.

Kinetik Price Performance

Kinetik stock opened at $48.23 on Thursday. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $51.11. The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 18.77, a P/E/G ratio of 1.58 and a beta of 0.61. The firm has a fifty day moving average price of $46.76 and a two-hundred day moving average price of $40.68.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period last year, the business posted $0.05 earnings per share. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.02 earnings per share for the current year.

Institutional Investors Weigh In On Kinetik

Institutional investors have recently made changes to their positions in the stock. Public Sector Pension Investment Board bought a new stake in shares of Kinetik in the 3rd quarter valued at about $7,277,000. Principal Financial Group Inc. bought a new stake in Kinetik in the 3rd quarter valued at $9,017,000. Advisors Capital Management LLC lifted its holdings in shares of Kinetik by 4.3% in the third quarter. Advisors Capital Management LLC now owns 632,387 shares of the company’s stock valued at $27,028,000 after purchasing an additional 26,103 shares in the last quarter. Eagle Global Advisors LLC boosted its position in Kinetik by 70.7% during the 3rd quarter. Eagle Global Advisors LLC now owns 449,980 shares of the company’s stock worth $19,232,000 after acquiring an additional 186,444 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new position in Kinetik during the third quarter worth $1,606,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on KNTK. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research report on Tuesday, April 21st. Wall Street Zen raised Kinetik from a “sell” rating to a “hold” rating in a report on Sunday, April 26th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $50.00 target price (up from $49.00) on shares of Kinetik in a report on Thursday, April 16th. Truist Financial began coverage on Kinetik in a report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price target for the company. Finally, UBS Group dropped their target price on shares of Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.33.

Kinetik Company Profile

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.