Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $3,144,778.56 in Stock

Kinetik Holdings Inc. (NYSE:KNTK – Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 58,464 shares of the business’s stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $53.79, for a total transaction of $3,144,778.56. Following the completion of the sale, the insider owned 216,020 shares in the company, valued at approximately $11,619,715.80. This trade represents a 21.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The shares were sold at an average price of $54.00, for a total value of $5,106,780.00.
  • On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The stock was sold at an average price of $53.53, for a total transaction of $807,660.64.
  • On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The shares were sold at an average price of $53.55, for a total transaction of $1,295,588.70.
  • On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The shares were sold at an average price of $53.72, for a total value of $2,145,415.64.
  • 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 Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The shares were sold at an average price of $54.25, for a total transaction of $7,328,307.00.
  • On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The stock was sold at an average price of $53.84, for a total value of $5,867,321.68.
  • On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The stock was 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 shares were sold at an average price of $55.11, for a total value of $258,245.46.
  • On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The shares were sold at an average price of $55.15, for a total transaction of $56,528.75.

Kinetik Price Performance

Kinetik stock opened at $53.42 on Friday. 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 price of $53.03 and a two-hundred day moving average price of $49.87. The firm has a market capitalization of $8.67 billion, a P/E ratio of 19.36, a P/E/G ratio of 1.34 and a beta of 0.61.

Kinetik (NYSE:KNTK – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $421.48 million. During the same quarter in the previous year, the company posted $0.33 EPS. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. On average, equities research analysts predict that Kinetik Holdings Inc. will post 1.30 EPS for the current fiscal year.

Institutional Trading of Kinetik

A number of institutional investors and hedge funds have recently made changes to their positions in KNTK. Miller Howard Investments Inc. NY boosted its stake in shares of Kinetik by 69.4% during the first quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock valued at $7,083,000 after purchasing an additional 59,942 shares in the last quarter. Infrastructure Capital Advisors LLC bought a new position in shares of Kinetik during the 4th quarter worth approximately $9,323,000. Bank of New York Mellon Corp acquired a new stake in shares of Kinetik during the 2nd quarter worth approximately $17,364,000. Squarepoint Ops LLC acquired a new position in shares of Kinetik during the 2nd quarter valued at $2,790,000. Finally, NEOS Investment Management LLC grew its holdings in Kinetik by 30.9% in the second quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after purchasing an additional 92,637 shares during the period. Institutional investors own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on KNTK shares. Weiss Ratings upgraded Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Truist Financial boosted their price objective on shares of Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Barclays set a $51.00 price target on Kinetik and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Finally, Tudor Pickering assumed coverage on shares of Kinetik in a report on Monday, July 20th. They set a “buy” rating and a $57.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Check Out Our Latest Stock Analysis on Kinetik

About Kinetik

(Get Free Report)

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.

Further Reading

Insider Buying and Selling by Quarter for Kinetik (NYSE:KNTK)

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