Insider Selling: Kinetik Holdings Inc. (NASDAQ:KNTK) Major Shareholder Sells 1,044,519 Shares of Stock

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares of the company’s stock, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% 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 Tuesday, March 4th, Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53.

Kinetik Stock Down 2.0 %

Shares of NASDAQ:KNTK opened at $52.64 on Friday. The company has a market cap of $8.31 billion, a P/E ratio of 19.42, a P/E/G ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 52 week low of $37.04 and a 52 week high of $67.60. The business has a fifty day simple moving average of $59.49 and a 200-day simple moving average of $55.03.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.93%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio is currently 305.88%.

Institutional Investors Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Kinetik by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock valued at $226,967,000 after purchasing an additional 72,760 shares during the period. Invesco Ltd. grew its position in Kinetik by 3.0% during the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company’s stock valued at $70,765,000 after acquiring an additional 36,362 shares during the period. Westwood Holdings Group Inc. grew its position in Kinetik by 78.3% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock valued at $61,429,000 after acquiring an additional 475,606 shares during the period. Geode Capital Management LLC grew its position in Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after acquiring an additional 13,644 shares during the period. Finally, Merewether Investment Management LP grew its position in Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after acquiring an additional 239,500 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on KNTK shares. JPMorgan Chase & Co. lifted their price objective on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Scotiabank cut their price target on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Citigroup boosted their price target on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Barclays cut their price target on Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Finally, Royal Bank of Canada cut their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.63.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.