Kinetik (NYSE:KNTK) Major Shareholder Sells $384,148.71 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 6,963 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $55.17, for a total value of $384,148.71. Following the sale, the insider directly owned 918,824 shares in the company, valued at approximately $50,691,520.08. This represents a 0.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large 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 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 stock was 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.
• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The shares were sold at an average price of $51.52, for a total transaction of $4,363,795.52.
• On Tuesday, August 11th, Isq Global Fund Ii Gp Llc sold 147,516 shares of Kinetik stock. The shares were sold at an average price of $52.03, for a total transaction of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The shares were sold at an average price of $50.87, for a total transaction of $3,991,972.38.
• On Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The stock was sold at an average price of $50.24, for a total transaction of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The stock was sold at an average price of $50.52, for a total transaction of $11,889,831.48.

Kinetik Trading Down 1.3%

KNTK opened at $54.37 on Friday. The stock has a market capitalization of $8.83 billion, a P/E ratio of 19.70, a P/E/G ratio of 1.36 and a beta of 0.56. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $56.10. The firm’s fifty day simple moving average is $50.39 and its 200 day simple moving average is $47.95.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The firm had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. During the same quarter in the prior year, the company earned $0.33 EPS. The company’s revenue was up 36.3% on a year-over-year basis. On average, equities research analysts predict that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

KNTK has been the topic of a number of recent research reports. Tudor Pickering began coverage on Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 target price on the stock. Citigroup reaffirmed a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Barclays set a $51.00 price objective on shares of Kinetik and gave the company an “equal weight” rating in a report on Thursday, August 6th. Zacks Research lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Finally, Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.27.

Hedge Funds Weigh In On Kinetik

Institutional investors have recently added to or reduced their stakes in the company. Comerica Bank grew its position in shares of Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after acquiring an additional 732 shares during the period. AQR Capital Management LLC grew its holdings in Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after purchasing an additional 522 shares during the period. Millennium Management LLC grew its holdings in Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after purchasing an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Kinetik by 27.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after buying an additional 17,034 shares during the last quarter. Finally, Intech Investment Management LLC raised its stake in Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after buying an additional 2,766 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.