Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 14,889 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total transaction of $819,937.23. Following the completion of the transaction, the insider owned 961,114 shares in the company, valued at $52,928,547.98. The trade was a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• On Monday, November 2nd, Isq Global Fund Ii Gp Llc sold 3,267 shares of Kinetik stock. The stock was sold at an average price of $55.13, for a total transaction of $180,109.71.
• On Friday, October 30th, Isq Global Fund Ii Gp Llc sold 20,731 shares of Kinetik stock. The stock was sold at an average price of $56.69, for a total transaction of $1,175,240.39.
• On Tuesday, October 13th, Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock. The shares were sold at an average price of $54.77, for a total transaction of $109,540,000.00.
• On Monday, October 12th, Isq Global Fund Ii Gp Llc sold 38,377 shares of Kinetik stock. The shares were sold at an average price of $54.19, for a total transaction of $2,079,649.63.
• On Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The shares were sold at an average price of $54.21, for a total value of $3,167,978.19.
• On Thursday, October 8th, Isq Global Fund Ii Gp Llc sold 119,203 shares of Kinetik stock. The stock was sold at an average price of $54.29, for a total value of $6,471,530.87.
• On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The stock was sold at an average price of $53.79, for a total value of $3,144,778.56.
• 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 shares were sold at an average price of $53.53, for a total value 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 value of $1,295,588.70.

Kinetik Trading Up 1.4%

KNTK traded up $0.77 during midday trading on Tuesday, reaching $54.31. The company’s stock had a trading volume of 1,441,290 shares, compared to its average volume of 1,178,988. The company has a fifty day simple moving average of $54.13 and a 200 day simple moving average of $48.71. The stock has a market cap of $8.82 billion, a P/E ratio of 19.68, a PEG ratio of 1.26 and a beta of 0.61. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $58.90.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 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 company had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. During the same period in the previous year, the company earned $0.33 earnings per share. The company’s quarterly revenue was up 36.3% compared to the same quarter last year. Sell-side analysts expect that Kinetik Holdings Inc. will post 1.44 earnings per share for the current year.

Institutional Trading of Kinetik

A number of institutional investors and hedge funds have recently modified their holdings of KNTK. Bank of New York Mellon Corp acquired a new position in shares of Kinetik in the second quarter valued at $17,364,000. NEOS Investment Management LLC boosted its stake in Kinetik by 30.9% during the second quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after buying an additional 92,637 shares in the last quarter. Pinnacle Holdings LLC bought a new stake in Kinetik in the 2nd quarter valued at $4,476,000. Quantinno Capital Management LP increased its holdings in Kinetik by 240.5% in the 1st quarter. Quantinno Capital Management LP now owns 102,047 shares of the company’s stock valued at $4,940,000 after buying an additional 72,077 shares during the period. Finally, Brooklands Fund Management Ltd bought a new stake in Kinetik in the 1st quarter valued at $2,880,000. 21.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

KNTK has been the subject of several research analyst reports. Citigroup reiterated a “buy” rating and set a $55.00 target price (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Wells Fargo & Company restated an “overweight” rating and issued a $54.00 price target on shares of Kinetik in a research report on Monday, August 10th. Zacks Research downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a report on Friday. Jefferies Financial Group reaffirmed a “hold” rating and set a $54.00 price objective (down from $56.00) on shares of Kinetik in a research report on Monday, October 19th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 target price on shares of Kinetik in a research note on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.47.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.