Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 15,088 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 15,088 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $53.53, for a total transaction of $807,660.64. Following the sale, the insider owned 369,054 shares in the company, valued at approximately $19,755,460.62. This trade represents a 3.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% 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 Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The shares were 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 stock was sold at an average price of $54.00, for a total value of $5,106,780.00.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The stock was sold at an average price of $53.55, for a total value of $1,295,588.70.
• On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The stock was 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 shares were sold at an average price of $53.59, for a total value of $1,152,774.49.
• On Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The stock was sold at an average price of $54.25, for a total value 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 value 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 Stock Performance

Shares of Kinetik stock traded down $0.35 during trading on Wednesday, hitting $53.60. 1,385,686 shares of the stock were exchanged, compared to its average volume of 1,186,384. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $56.92. The stock’s fifty day moving average is $52.82 and its 200 day moving average is $49.73. The stock has a market cap of $8.70 billion, a PE ratio of 19.42, a P/E/G ratio of 1.31 and a beta of 0.61.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. Kinetik’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period last year, the firm posted $0.33 EPS. Sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on KNTK shares. Citigroup reaffirmed a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Wells Fargo & Company restated an “overweight” rating and issued a $54.00 target price on shares of Kinetik in a research report on Monday, August 10th. Truist Financial lifted their target price on Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Zacks Research upgraded Kinetik from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 23rd. Finally, Clear Str cut Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average price target of $54.00.

Institutional Trading of Kinetik

A number of institutional investors have recently made changes to their positions in KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Kinetik by 1.7% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after acquiring an additional 30,600 shares in the last quarter. Cohen & Steers Inc. raised its holdings in Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after purchasing an additional 833,224 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Kinetik by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after purchasing an additional 8,513 shares in the last quarter. SIR Capital Management L.P. lifted its position in Kinetik by 195.1% in the fourth 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 period. Finally, Crawford Investment Counsel Inc. lifted its position in Kinetik by 30.5% in the fourth quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company’s stock worth $14,541,000 after purchasing an additional 94,173 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Company Profile

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.