Kinetik Holdings Inc. (NASDAQ:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 1,044,519 Shares

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the sale, the insider now directly owns 657,583 shares of the company’s stock, valued at approximately $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large 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 Tuesday, March 4th, Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53.

Kinetik Stock Up 1.9 %

NASDAQ KNTK traded up $0.99 during trading hours on Wednesday, hitting $54.33. 513,932 shares of the stock were exchanged, compared to its average volume of 570,712. The company has a market cap of $8.57 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 12-month low of $36.84 and a 12-month high of $67.60. The stock has a 50-day moving average of $59.76 and a 200 day moving average of $54.99.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were issued a dividend of $0.78 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.74%. Kinetik’s dividend payout ratio is currently 305.88%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in KNTK. Fifth Third Bancorp acquired a new position in Kinetik during the fourth quarter worth about $26,000. Canton Hathaway LLC acquired a new position in Kinetik during the fourth quarter worth about $28,000. GAMMA Investing LLC grew its position in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after buying an additional 213 shares during the period. Rialto Wealth Management LLC acquired a new position in Kinetik during the fourth quarter worth about $34,000. Finally, Comerica Bank grew its position in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after buying an additional 195 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. The Goldman Sachs Group upped their target price on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Scotiabank reduced their target price on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. upped their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Finally, Barclays reduced their target price on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.63.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.