Kinetik (NYSE:KNTK) Major Shareholder Sells 64,898 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 64,898 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $54.32, for a total transaction of $3,525,259.36. Following the transaction, the insider owned 928,894 shares in the company, valued at approximately $50,457,522.08. The trade was a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more 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, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total transaction of $171,102.49.
• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The stock was sold at an average price of $52.78, for a total value of $7,130,683.56.
• On Friday, August 14th, Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock. The shares were sold at an average price of $53.48, for a total transaction of $5,998,316.80.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The stock was sold at an average price of $51.60, for a total value 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 value of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The stock was 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 value of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The stock was 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 stock was sold at an average price of $50.04, for a total transaction of $108,837.00.

Kinetik Price Performance

Shares of NYSE KNTK traded down $0.24 during mid-day trading on Thursday, hitting $54.47. The company had a trading volume of 1,119,421 shares, compared to its average volume of 1,075,665. The stock has a market cap of $8.84 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 1.35 and a beta of 0.56. The firm’s 50 day simple moving average is $49.54 and its two-hundred day simple moving average is $47.47. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $56.10.

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

Institutional Trading of Kinetik

A number of institutional investors and hedge funds have recently made changes to their positions in KNTK. Comerica Bank boosted its holdings 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 during the period. AQR Capital Management LLC increased its holdings in Kinetik by 4.2% in the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after buying an additional 522 shares during the period. Millennium Management LLC raised its stake in shares of Kinetik by 88.7% in the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after buying an additional 62,306 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Kinetik by 27.3% in 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 position in Kinetik by 14.3% in 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 and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Barclays set a $51.00 price target on Kinetik and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Royal Bank Of Canada reissued an “outperform” rating and issued a $57.00 price target (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Zacks Research upgraded shares of Kinetik from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Raymond James Financial reaffirmed an “outperform” rating and set a $55.00 target price on shares of Kinetik in a report on Friday, August 7th. Finally, Citigroup restated a “buy” rating and issued a $55.00 price target (up from $52.00) 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 six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.27.

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.