Isq Global Fund Ii Gp Llc Sells 534,564 Shares of Kinetik (NYSE:KNTK) Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the sale, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. The trade was a 55.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large 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 Wednesday, April 29th, Isq Global Fund Ii Gp Llc sold 183,434 shares of Kinetik stock. The stock was sold at an average price of $49.53, for a total value of $9,085,486.02.
• On Tuesday, April 28th, Isq Global Fund Ii Gp Llc sold 192,041 shares of Kinetik stock. The stock was sold at an average price of $48.56, for a total value of $9,325,510.96.
• On Monday, April 27th, Isq Global Fund Ii Gp Llc sold 868 shares of Kinetik stock. The stock was sold at an average price of $48.01, for a total value of $41,672.68.
• On Wednesday, April 22nd, Isq Global Fund Ii Gp Llc sold 21,429 shares of Kinetik stock. The stock was sold at an average price of $48.02, for a total value of $1,029,020.58.
• On Thursday, April 23rd, Isq Global Fund Ii Gp Llc sold 138,771 shares of Kinetik stock. The stock was 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 stock was sold at an average price of $44.85, for a total value of $179,400,000.00.

Kinetik Trading Down 0.5%

KNTK stock opened at $50.42 on Wednesday. The stock has a 50-day moving average price of $46.69 and a two-hundred day moving average price of $40.60. The stock has a market cap of $8.18 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 1.61 and a beta of 0.61. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $51.11.

Kinetik (NYSE:KNTK) last released its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. The firm had revenue of $430.42 million during the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.Kinetik’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the company posted $0.01 EPS. On average, analysts forecast that Kinetik Holdings Inc. will post 1.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently modified their holdings of the stock. Public Sector Pension Investment Board bought a new position in Kinetik during the third quarter worth about $7,277,000. Principal Financial Group Inc. bought a new position in Kinetik during the third quarter worth about $9,017,000. Advisors Capital Management LLC grew its holdings in Kinetik by 4.3% during the third quarter. Advisors Capital Management LLC now owns 632,387 shares of the company’s stock worth $27,028,000 after purchasing an additional 26,103 shares during the period. Eagle Global Advisors LLC grew its holdings in Kinetik by 70.7% during the third quarter. Eagle Global Advisors LLC now owns 449,980 shares of the company’s stock worth $19,232,000 after purchasing an additional 186,444 shares during the period. Finally, SageView Advisory Group LLC bought a new position in Kinetik during the third quarter worth about $1,606,000. Institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on KNTK. Wolfe Research cut Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Wells Fargo & Company upgraded Kinetik from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $47.00 to $52.00 in a report on Wednesday, March 25th. Jefferies Financial Group reiterated a “hold” rating and set a $50.00 target price (up from $49.00) on shares of Kinetik in a report on Wednesday, April 15th. Scotiabank raised their price objective on Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a report on Tuesday, March 17th. Finally, Barclays raised their price objective on Kinetik from $44.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.33.

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.