Kinetik (NYSE:KNTK) Major Shareholder Sells 24,194 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $53.55, for a total transaction of $1,295,588.70. Following the completion of the sale, the insider directly owned 384,142 shares of the company’s stock, valued at $20,570,804.10. The trade was a 5.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own more than 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 Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The shares were 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 stock was 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 shares were 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 shares were 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 stock was sold at an average price of $55.15, for a total value 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 value of $323,477.60.
• On Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The stock was sold at an average price of $55.19, for a total value of $253,046.15.
• On Tuesday, September 8th, Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock. The shares were sold at an average price of $55.14, for a total value of $3,219,238.62.

Kinetik Trading Down 1.2%

Shares of NYSE KNTK traded down $0.63 on Thursday, reaching $52.29. 961,975 shares of the company traded hands, compared to its average volume of 1,178,283. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.92. The company has a 50 day moving average of $52.57 and a 200 day moving average of $49.32. The stock has a market capitalization of $8.49 billion, a PE ratio of 18.95, a P/E/G ratio of 1.29 and a beta of 0.57.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same period in the prior year, the firm posted $0.33 EPS. The company’s revenue was up 36.3% on a year-over-year basis. As a group, research analysts expect that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price target (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. Jefferies Financial Group restated a “hold” rating and set a $56.00 price objective on shares of Kinetik in a report on Wednesday, September 9th. Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Citigroup reiterated a “buy” rating and issued a $55.00 target price (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Finally, Tudor Pickering initiated coverage on Kinetik in a research report on Monday, July 20th. They set a “buy” rating and a $57.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Institutional Trading of Kinetik

Several large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its position in shares of Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock worth $28,000 after buying an additional 239 shares during the period. GAMMA Investing LLC raised its holdings in shares of Kinetik by 10.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after buying an additional 273 shares during the period. ProShare Advisors LLC lifted its position in Kinetik by 3.5% during the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after acquiring an additional 294 shares in the last quarter. Essex Financial Services Inc. lifted its position in Kinetik by 2.8% during the 1st quarter. Essex Financial Services Inc. now owns 19,057 shares of the company’s stock worth $923,000 after acquiring an additional 515 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Kinetik by 0.5% in the 4th quarter. Legal & General Group Plc now owns 117,720 shares of the company’s stock worth $4,244,000 after acquiring an additional 610 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.