Kinetik (NYSE:KNTK) Major Shareholder Sells $323,477.60 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 5,840 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $55.39, for a total value of $323,477.60. Following the transaction, the insider directly owned 728,328 shares of the company’s stock, valued at approximately $40,342,087.92. This trade represents a 0.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major 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 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 stock was 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 transaction of $4,215,652.80.
• On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The shares were sold at an average price of $55.17, for a total transaction of $384,148.71.
• 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 transaction of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The stock was sold at an average price of $55.07, for a total transaction 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 transaction of $7,130,683.56.
• On Friday, August 14th, Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock. The shares were 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 shares were sold at an average price of $51.60, for a total value of $5,834,670.00.

Kinetik Stock Performance

NYSE:KNTK opened at $54.84 on Friday. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $56.92. The company has a market cap of $8.90 billion, a P/E ratio of 19.87, a P/E/G ratio of 1.35 and a beta of 0.57. The stock’s 50-day simple moving average is $51.83 and its 200 day simple moving average is $48.84.

Kinetik (NYSE:KNTK) last issued 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. The firm had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 earnings per share. As a group, equities analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently added to or reduced their stakes in KNTK. Comerica Bank increased its holdings in shares of Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after buying an additional 522 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Kinetik by 88.7% during the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after buying an additional 62,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Kinetik by 27.3% during the 1st 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 period. Finally, Intech Investment Management LLC grew its stake in Kinetik by 14.3% in the 1st 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 last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on KNTK. Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price objective (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Finally, Barclays set a $51.00 target price on shares of Kinetik and gave the company an “equal weight” rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

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.