Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 8,772 Shares

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 8,772 shares of the stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $55.06, for a total value of $482,986.32. Following the completion of the transaction, the insider directly owned 713,845 shares of the company’s stock, valued at approximately $39,304,305.70. This represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% 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, 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 stock was 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 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 shares were sold at an average price of $55.07, for a total transaction of $171,102.49.

Kinetik Stock Down 1.5%

KNTK traded down $0.83 during trading on Wednesday, reaching $53.87. The company’s stock had a trading volume of 1,568,378 shares, compared to its average volume of 1,002,639. The company has a market cap of $8.75 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 1.35 and a beta of 0.57. The firm has a fifty day simple moving average of $52.17 and a two-hundred day simple moving average of $49.06. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $56.92.

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

Institutional Investors Weigh In On Kinetik

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KNTK. Cohen & Steers Inc. raised its position in Kinetik by 82.5% in the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after purchasing an additional 833,224 shares during the period. SIR Capital Management L.P. increased its position in shares of Kinetik by 195.1% during the 4th quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock worth $24,229,000 after purchasing an additional 444,368 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Kinetik in the 2nd quarter valued at about $17,364,000. Infrastructure Capital Advisors LLC purchased a new stake in Kinetik in the 4th quarter valued at about $9,323,000. Finally, Pictet Asset Management Holding SA lifted its position in Kinetik by 107.1% in the first quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company’s stock valued at $17,701,000 after buying an additional 189,065 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on KNTK shares. Zacks Research cut Kinetik from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Wall Street Zen upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings raised shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Citigroup reissued a “buy” rating and issued a $55.00 price objective (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Finally, Scotiabank restated an “outperform” rating and set a $58.00 price objective (up from $52.00) on shares of Kinetik in a research report on Thursday, September 10th. One 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

Kinetik Company Profile

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.