Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 21,429 Shares

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 21,429 shares of Kinetik stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $48.02, for a total value of $1,029,020.58. Following the completion of the transaction, the insider owned 1,478,572 shares in the company, valued at $71,001,027.44. The trade was a 1.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock 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 Thursday, April 23rd, Isq Global Fund Ii Gp Llc sold 138,771 shares of Kinetik stock. The shares were sold at an average price of $48.17, for a total value of $6,684,599.07.
• On Thursday, February 26th, Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock. The shares were sold at an average price of $44.85, for a total value of $179,400,000.00.

Kinetik Stock Down 1.4%

Shares of NYSE KNTK traded down $0.66 during trading on Friday, reaching $47.46. 562,786 shares of the stock were exchanged, compared to its average volume of 1,038,606. The business’s 50-day moving average price is $46.10 and its 200 day moving average price is $40.14. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $49.55. The company has a market capitalization of $7.70 billion, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 1.52 and a beta of 0.66.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. The firm had revenue of $430.42 million for the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.01 EPS. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of KNTK. Comerica Bank raised its position in shares of Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after acquiring an additional 522 shares in the last quarter. Millennium Management LLC increased its stake in shares of Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after acquiring an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Kinetik by 27.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after acquiring an additional 17,034 shares during the period. Finally, Intech Investment Management LLC raised its holdings in Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,766 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on KNTK shares. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 26th. Truist Financial assumed coverage on shares of Kinetik in a research report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price objective for the company. Wells Fargo & Company upgraded shares of Kinetik from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $47.00 to $52.00 in a research note on Wednesday, March 25th. Royal Bank Of Canada restated an “outperform” rating and issued a $50.00 target price (up from $49.00) on shares of Kinetik in a research note on Thursday, April 16th. Finally, Wolfe Research lowered Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $48.08.

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.