Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 24,194 Shares of Company Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $53.55, for a total value of $1,295,588.70. Following the sale, the insider directly owned 384,142 shares of the company’s stock, valued at $20,570,804.10. This trade represents a 5.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction of $3,219,238.62.

Kinetik Trading Down 1.2%

Shares of Kinetik stock opened at $52.29 on Friday. The company has a fifty day simple moving average of $52.62 and a 200-day simple moving average of $49.36. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 1.29 and a beta of 0.57. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $56.92.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS 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 firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same period last year, the business earned $0.33 EPS. Kinetik’s revenue for the quarter was up 36.3% compared to the same quarter last year. On average, analysts forecast that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on KNTK. Tudor Pickering assumed coverage on Kinetik in a research report on Monday, July 20th. They set a “buy” rating and a $57.00 target price on the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $57.00 target price (up from $56.00) on shares of Kinetik in a research report on Tuesday, August 11th. US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Citigroup reaffirmed a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Finally, Scotiabank reiterated an “outperform” rating and issued a $58.00 price objective (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently added to or reduced their stakes in KNTK. Miller Howard Investments Inc. NY increased its stake in shares of 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 purchasing an additional 59,942 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new position in shares of Kinetik in the fourth quarter valued at approximately $9,323,000. Bank of New York Mellon Corp purchased a new position in shares of Kinetik during the second quarter valued at approximately $17,364,000. HighTower Advisors LLC lifted its stake in shares of Kinetik by 33.1% during the 4th 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, Diversify Wealth Management LLC purchased a new position in Kinetik during the first quarter worth about $1,612,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Company Profile

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.