Kinetik (NYSE:KNTK) Major Shareholder Sells $180,109.71 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 3,267 shares of Kinetik stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $55.13, for a total transaction of $180,109.71. Following the completion of the transaction, the insider owned 976,003 shares in the company, valued at approximately $53,807,045.39. This represents a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major 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 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 Friday, October 30th, Isq Global Fund Ii Gp Llc sold 20,731 shares of Kinetik stock. The stock was sold at an average price of $56.69, for a total value of $1,175,240.39.
• On Tuesday, October 13th, Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock. The stock was 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 stock was 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 value 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 value of $6,471,530.87.
• On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The shares were 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 value 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 value of $1,295,588.70.

Kinetik Stock Performance

Shares of NYSE KNTK opened at $49.22 on Friday. The firm’s 50 day moving average price is $53.95 and its 200 day moving average price is $48.91. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $58.90. The firm has a market cap of $7.99 billion, a P/E ratio of 16.46, a price-to-earnings-growth ratio of 1.14 and a beta of 0.67.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.14). The business had revenue of $569.40 million during the quarter. Kinetik had a net margin of 25.65% and a negative return on equity of 44.80%. Kinetik’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. As a group, equities analysts predict that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently added to or reduced their stakes in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Kinetik by 1.7% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after acquiring an additional 30,600 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Kinetik by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after purchasing an additional 8,513 shares during the period. Pictet Asset Management Holding SA grew its holdings in shares of Kinetik by 6.8% during the third quarter. Pictet Asset Management Holding SA now owns 481,466 shares of the company’s stock valued at $24,170,000 after buying an additional 30,550 shares in the last quarter. NEOS Investment Management LLC grew its stake in Kinetik by 30.9% during the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock valued at $18,955,000 after acquiring an additional 92,637 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Kinetik during the second quarter valued at approximately $17,364,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on KNTK shares. Morgan Stanley cut their target price on shares of Kinetik from $70.00 to $67.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 21st. Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price target on shares of Kinetik in a research report on Wednesday, October 14th. Zacks Research lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 30th. Finally, Tudor Pickering assumed coverage on Kinetik in a research report on Monday, July 20th. They set a “buy” rating and a $57.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.