Kinetik (NYSE:KNTK) Major Shareholder Sells $9,325,510.96 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 192,041 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $48.56, for a total value of $9,325,510.96. Following the completion of the transaction, the insider owned 1,146,892 shares in the company, valued at approximately $55,693,075.52. This trade represents a 14.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% 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 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 value of $9,085,486.02.
• On Monday, April 27th, Isq Global Fund Ii Gp Llc sold 868 shares of Kinetik stock. The stock was 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 value 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 stock was sold at an average price of $44.85, for a total value of $179,400,000.00.

Kinetik Stock Performance

KNTK stock opened at $49.39 on Friday. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $51.11. The firm has a market cap of $8.01 billion, a P/E ratio of 19.22, a price-to-earnings-growth ratio of 1.60 and a beta of 0.61. The stock has a 50-day simple moving average of $46.59 and a 200-day simple moving average of $40.45.

Kinetik (NYSE:KNTK) last posted its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The business had revenue of $430.42 million during the quarter. During the same quarter last year, the business posted $0.01 EPS. Kinetik’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities research analysts predict that Kinetik Holdings Inc. will post 1.01 EPS for the current year.

Institutional Investors Weigh In On Kinetik

A number of hedge funds have recently bought and sold shares of KNTK. Zimmer Partners LP acquired a new stake in Kinetik during the 4th quarter valued at approximately $98,611,000. Brave Warrior Advisors LLC acquired a new stake in Kinetik during the 3rd quarter valued at approximately $68,766,000. Wellington Management Group LLP grew its stake in Kinetik by 149.6% during the 4th quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock valued at $57,983,000 after purchasing an additional 964,130 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Kinetik by 86.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock valued at $66,455,000 after purchasing an additional 855,000 shares in the last quarter. Finally, Cohen & Steers Inc. grew its stake in Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after purchasing an additional 833,224 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on KNTK shares. Royal Bank Of Canada reiterated an “outperform” rating and issued a $50.00 target price (up from $49.00) on shares of Kinetik in a research note on Thursday, April 16th. UBS Group lowered their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. Citigroup increased their target price on Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Mizuho increased their target price on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and an average target price 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.