Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 5,840 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 5,840 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $55.39, for a total transaction of $323,477.60. Following the completion of the transaction, the insider owned 728,328 shares of the company’s stock, valued at $40,342,087.92. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major 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 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 shares were 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 shares were sold at an average price of $55.28, for a total value of $4,215,652.80.
• On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The shares were sold at an average price of $55.17, for a total value of $384,148.71.
• On Tuesday, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The shares were sold at an average price of $54.32, for a total value of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total value of $171,102.49.
• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The shares were 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 stock was sold at an average price of $53.48, for a total value of $5,998,316.80.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The stock was sold at an average price of $51.60, for a total transaction of $5,834,670.00.

Kinetik Stock Performance

NYSE KNTK traded down $0.27 on Thursday, reaching $54.28. The company’s stock had a trading volume of 1,660,324 shares, compared to its average volume of 919,753. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.92. The stock has a market cap of $8.81 billion, a PE ratio of 18.43, a PEG ratio of 1.35 and a beta of 0.57. The firm’s 50 day moving average is $51.68 and its two-hundred day moving average is $48.79.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business’s revenue was up 36.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS. Equities research analysts anticipate that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Institutional Trading of Kinetik

Several large investors have recently added to or reduced their stakes in KNTK. California State Teachers Retirement System raised its holdings in shares of Kinetik by 4,839.8% during the 2nd quarter. California State Teachers Retirement System now owns 2,898,031 shares of the company’s stock valued at $140,091,000 after purchasing an additional 2,839,364 shares in the last quarter. Zimmer Partners LP bought a new position in Kinetik during the fourth quarter valued at about $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Kinetik by 1.7% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after purchasing an additional 30,600 shares during the last quarter. Cohen & Steers Inc. boosted its position in Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after purchasing an additional 833,224 shares during the period. Finally, Invesco Ltd. raised its position in shares of Kinetik by 22.4% in the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after purchasing an additional 325,251 shares during the period. 21.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on KNTK shares. Wall Street Zen upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.00 target price on shares of Kinetik in a report on Wednesday. Barclays set a $51.00 price target on Kinetik and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Wells Fargo & Company restated an “overweight” rating and set a $54.00 price objective on shares of Kinetik in a report on Monday, August 10th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 target price (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $54.00.

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.