Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $7,328,307.00 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 135,084 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $54.25, for a total value of $7,328,307.00. Following the completion of the transaction, the insider owned 469,784 shares of the company’s stock, valued at approximately $25,485,782. This represents a 22.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own at least 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 Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The stock was sold at an average price of $53.59, for a total transaction of $1,152,774.49.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The shares were sold at an average price of $53.84, for a total transaction of $5,867,321.68.
• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The shares were sold at an average price of $55.06, for a total transaction of $482,986.32.
• On Tuesday, September 15th, Isq Global Fund Ii Gp Llc sold 4,686 shares of Kinetik stock. The stock was sold at an average price of $55.11, for a total transaction of $258,245.46.
• On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The stock was sold at an average price of $55.15, for a total transaction of $56,528.75.
• On Thursday, September 10th, Isq Global Fund Ii Gp Llc sold 5,840 shares of Kinetik stock. The shares were sold at an average price of $55.39, for a total transaction of $323,477.60.
• On Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The shares were sold at an average price of $55.19, for a total transaction of $253,046.15.
• On Tuesday, September 8th, Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock. The shares were sold at an average price of $55.14, for a total transaction of $3,219,238.62.
• On Tuesday, September 1st, Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total transaction of $2,501,265.68.
• On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The stock was sold at an average price of $55.28, for a total value of $4,215,652.80.

Kinetik Stock Performance

NYSE:KNTK opened at $53.03 on Thursday. The firm has a market capitalization of $8.61 billion, a price-to-earnings ratio of 19.21, a P/E/G ratio of 1.29 and a beta of 0.57. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $56.92. The stock has a fifty day moving average of $52.57 and a 200 day moving average of $49.32.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share 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 business had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same period in the prior year, the company earned $0.33 EPS. The company’s quarterly revenue was up 36.3% compared to the same quarter last year. Equities analysts forecast that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on KNTK shares. Weiss Ratings raised shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Raymond James Financial reissued an “outperform” rating and issued a $55.00 price target on shares of Kinetik in a report on Friday, August 7th. Morgan Stanley restated an “overweight” rating and set a $70.00 price objective (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. Scotiabank reiterated an “outperform” rating and issued a $58.00 target price (up from $52.00) on shares of Kinetik in a research report on Thursday, September 10th. Finally, Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in KNTK. Allworth Financial LP grew its holdings in shares of Kinetik by 72.4% during the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after purchasing an additional 239 shares during the last quarter. Huntington National Bank boosted its position in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after buying an additional 711 shares during the period. SBI Okasan Asset Management Co.Ltd. purchased a new stake in Kinetik during the fourth quarter valued at about $47,000. Hantz Financial Services Inc. grew its stake in shares of Kinetik by 481.7% during the fourth quarter. Hantz Financial Services Inc. now owns 1,943 shares of the company’s stock valued at $70,000 after buying an additional 1,609 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Kinetik in the second quarter worth about $71,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

About Kinetik

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.