Kinetik (NYSE:KNTK) Stock: Insider Isq Global Fund Ii Gp Llc Sells 20,731 Shares

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 20,731 shares of the business’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $56.69, for a total value of $1,175,240.39. Following the completion of the sale, the insider directly owned 979,270 shares of the company’s stock, valued at $55,514,816.30. The trade was a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 Tuesday, November 3rd, Isq Global Fund Ii Gp Llc sold 14,889 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total value of $819,937.23.
• On Monday, November 2nd, Isq Global Fund Ii Gp Llc sold 3,267 shares of Kinetik stock. The shares were sold at an average price of $55.13, for a total value of $180,109.71.
• On Tuesday, October 13th, Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock. The shares were sold at an average price of $54.77, for a total transaction of $109,540,000.00.
• On Monday, October 12th, Isq Global Fund Ii Gp Llc sold 38,377 shares of Kinetik stock. The shares were sold at an average price of $54.19, for a total transaction of $2,079,649.63.
• On Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The stock was sold at an average price of $54.21, for a total transaction of $3,167,978.19.
• On Thursday, October 8th, Isq Global Fund Ii Gp Llc sold 119,203 shares of Kinetik stock. The stock was sold at an average price of $54.29, for a total transaction of $6,471,530.87.
• On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The stock was sold at an average price of $53.79, for a total transaction of $3,144,778.56.
• On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The stock was sold at an average price of $54.00, for a total transaction of $5,106,780.00.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The shares were sold at an average price of $53.53, for a total transaction of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The shares were sold at an average price of $53.55, for a total transaction of $1,295,588.70.

Kinetik Stock Performance

Shares of NYSE:KNTK opened at $51.50 on Thursday. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $58.90. The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 1.21 and a beta of 0.67. The company has a 50-day simple moving average of $54.07 and a 200-day simple moving average of $48.86.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, November 4th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.14). Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. During the same quarter last year, the company posted $0.03 EPS. Kinetik’s quarterly revenue was up 22.7% on a year-over-year basis. As a group, research analysts forecast that Kinetik Holdings Inc. will post 1.44 EPS for the current fiscal year.

Trending Headlines about Kinetik

Here are the key news stories impacting Kinetik this week:

• Positive Sentiment: Zacks upgraded Kinetik to Rank #2 (Buy), citing improving optimism about the company’s earnings prospects. Read the Zacks report
• Negative Sentiment: Kinetik reported quarterly EPS of $0.26, missing the $0.40 consensus estimate by $0.14. The earnings shortfall is the clearest near-term negative catalyst for the stock. Read the earnings update
• Negative Sentiment: Major shareholder ISQ Global Fund II GP LLC disclosed multiple stock sales, including transactions in late October and early November. The latest sales were small relative to its remaining stake, but the ongoing selling may weigh on sentiment. Read the shareholder-trading report

Hedge Funds Weigh In On Kinetik

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in Kinetik in the second quarter valued at $17,364,000. M&G PLC purchased a new stake in shares of Kinetik during the 3rd quarter worth $13,096,000. NEOS Investment Management LLC boosted its position in shares of Kinetik by 30.9% during the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after purchasing an additional 92,637 shares in the last quarter. Pinnacle Holdings LLC purchased a new stake in shares of Kinetik during the 2nd quarter worth $4,476,000. Finally, Quantinno Capital Management LP boosted its position in shares of Kinetik by 240.5% during the 1st quarter. Quantinno Capital Management LP now owns 102,047 shares of the company’s stock worth $4,940,000 after purchasing an additional 72,077 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 weighed in on KNTK shares. Wall Street Zen upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Jefferies Financial Group reissued a “hold” rating and issued a $54.00 target price (down from $56.00) on shares of Kinetik in a report on Monday, October 19th. Citigroup restated a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Zacks Research downgraded Kinetik from a “strong-buy” rating to a “hold” rating in a report on Friday, October 30th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price target on shares of Kinetik in a report on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.47.

Kinetik Company Profile

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.