Kinetik (NYSE:KNTK) Major Shareholder Sells $3,991,972.38 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 78,474 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $50.87, for a total value of $3,991,972.38. Following the sale, the insider directly owned 1,586,346 shares of the company’s stock, valued at $80,697,421.02. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own at least 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, 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 stock was sold at an average price of $52.03, for a total transaction of $7,675,257.48.
• 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 transaction 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 shares were sold at an average price of $50.04, for a total transaction of $108,837.00.

Kinetik Stock Performance

Shares of KNTK stock opened at $53.32 on Friday. The firm’s 50 day moving average price is $48.92 and its two-hundred day moving average price is $47.03. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $54.12. The stock has a market cap of $8.66 billion, a PE ratio of 19.32, a PEG ratio of 1.70 and a beta of 0.56.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS. As a group, sell-side analysts predict that Kinetik Holdings Inc. will post 0.97 earnings per share for the current fiscal year.

Institutional Trading of Kinetik

A number of large investors have recently made changes to their positions in KNTK. Miller Howard Investments Inc. NY lifted its holdings in Kinetik by 69.4% during the first quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock worth $7,083,000 after acquiring an additional 59,942 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after acquiring an additional 439,586 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new stake in shares of Kinetik during the fourth quarter worth about $9,323,000. HighTower Advisors LLC raised its position in shares of Kinetik by 33.1% during the fourth 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, Jennison Associates LLC lifted its holdings in shares of Kinetik by 33.0% during the 4th quarter. Jennison Associates LLC now owns 270,126 shares of the company’s stock valued at $9,738,000 after purchasing an additional 66,992 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on KNTK. Zacks Research upgraded Kinetik from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. JPMorgan Chase & Co. boosted their target price on Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Truist Financial boosted their target price on Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday. Tudor Pickering assumed coverage on Kinetik in a research note on Monday, July 20th. They issued a “buy” rating and a $57.00 price target for the company. Finally, Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and an average target price of $52.87.

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.