Kinetik (NYSE:KNTK) Major Shareholder Sells $5,998,316.80 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock in a transaction on Friday, August 14th. The shares were sold at an average price of $53.48, for a total transaction of $5,998,316.80. Following the transaction, the insider owned 1,128,894 shares in the company, valued at $60,373,251.12. The trade was a 9.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The shares were sold at an average price of $52.78, for a total transaction of $7,130,683.56.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The shares were sold at an average price of $51.60, for a total transaction of $5,834,670.00.
• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The shares were sold at an average price of $51.52, for a total transaction of $4,363,795.52.
• On Tuesday, August 11th, Isq Global Fund Ii Gp Llc sold 147,516 shares of Kinetik stock. The shares were sold at an average price of $52.03, for a total transaction of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The shares were sold at an average price of $50.87, for a total transaction of $3,991,972.38.
• On Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The stock was sold at an average price of $50.24, for a total transaction of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The shares were sold at an average price of $50.52, for a total transaction of $11,889,831.48.
• On Monday, August 3rd, Isq Global Fund Ii Gp Llc sold 2,175 shares of Kinetik stock. The shares were sold at an average price of $50.04, for a total value of $108,837.00.

Kinetik Stock Performance

Shares of NYSE KNTK traded down $0.45 during midday trading on Monday, reaching $52.99. 840,819 shares of the company’s stock were exchanged, compared to its average volume of 1,059,783. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $54.12. The business’s fifty day moving average price is $49.07 and its two-hundred day moving average price is $47.18. The stock has a market capitalization of $8.60 billion, a PE ratio of 19.20, a price-to-earnings-growth ratio of 1.32 and a beta of 0.56.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 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 firm had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. During the same quarter in the prior year, the business posted $0.33 earnings per share. Kinetik’s revenue for the quarter was up 36.3% on a year-over-year basis. Analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on KNTK. Raymond James Financial reissued an “outperform” rating and set a $55.00 price target on shares of Kinetik in a research report on Friday, August 7th. Scotiabank reissued an “outperform” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Tudor Pickering started coverage on shares of Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 target price for the company. Mizuho upped their target price on shares of Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Kinetik in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.87.

Institutional Investors Weigh In On Kinetik

Several institutional investors and hedge funds have recently bought and sold shares of the business. Miller Howard Investments Inc. NY boosted its position in Kinetik by 69.4% during the 1st quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock worth $7,083,000 after acquiring an additional 59,942 shares during the period. Vanguard Group Inc. raised its stake in shares of Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock valued at $183,739,000 after purchasing an additional 439,586 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new stake in Kinetik in the fourth quarter worth about $9,323,000. HighTower Advisors LLC lifted its holdings in Kinetik by 33.1% in the fourth quarter. HighTower Advisors LLC now owns 102,906 shares of the company’s stock worth $3,710,000 after purchasing an additional 25,574 shares during the period. Finally, Jennison Associates LLC grew its position in Kinetik by 33.0% in the 4th quarter. Jennison Associates LLC now owns 270,126 shares of the company’s stock valued at $9,738,000 after buying an additional 66,992 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Company Profile

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.