Isq Global Fund Ii Gp Llc Sells 84,701 Shares of Kinetik (NYSE:KNTK) Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 84,701 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $51.52, for a total transaction of $4,363,795.52. Following the completion of the transaction, the insider directly owned 1,354,129 shares in the company, valued at $69,764,726.08. This represents a 5.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major 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 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 value of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The stock was sold at an average price of $50.87, for a total value 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 value of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48.
• On Monday, August 3rd, Isq Global Fund Ii Gp Llc sold 2,175 shares of Kinetik stock. The stock was sold at an average price of $50.04, for a total value of $108,837.00.

Kinetik Stock Performance

Shares of KNTK traded up $0.11 during midday trading on Wednesday, hitting $51.22. 671,949 shares of the stock traded hands, compared to its average volume of 1,067,033. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $52.69. The business’s 50 day moving average price is $48.64 and its two-hundred day moving average price is $46.90. The firm has a market capitalization of $8.32 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 1.69 and a beta of 0.56.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same quarter last year, the business earned $0.33 earnings per share. Kinetik’s revenue was up 36.3% compared to the same quarter last year. As a group, equities research analysts forecast that Kinetik Holdings Inc. will post 0.97 EPS for the current fiscal year.

Institutional Trading of Kinetik

A number of large investors have recently made changes to their positions in KNTK. Zimmer Partners LP bought a new stake in shares of Kinetik during the fourth quarter worth $98,611,000. Wellington Management Group LLP grew its stake in shares of Kinetik by 149.6% during the 4th quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock worth $57,983,000 after acquiring an additional 964,130 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Kinetik by 86.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock worth $66,455,000 after purchasing an additional 855,000 shares during the last quarter. Cohen & Steers Inc. boosted its stake in shares of Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after buying an additional 833,224 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Kinetik by 382.8% during the 4th quarter. Principal Financial Group Inc. now owns 1,018,692 shares of the company’s stock worth $36,724,000 after purchasing an additional 807,707 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on KNTK shares. JPMorgan Chase & Co. boosted their target price on Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Royal Bank Of Canada restated an “outperform” rating and set a $57.00 price objective (up from $56.00) on shares of Kinetik in a report on Tuesday. Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday. Tudor Pickering started coverage on shares of Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 price target for the company. Finally, Weiss Ratings raised shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Kinetik currently has an average rating of “Moderate Buy” and a consensus price target of $52.87.

About Kinetik

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.