Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 4,686 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 4,686 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $55.11, for a total value of $258,245.46. Following the transaction, the insider directly owned 722,617 shares in the company, valued at approximately $39,823,422.87. This represents a 0.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total transaction of $482,986.32.
• 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 shares were sold at an average price of $55.19, for a total value 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 value of $3,219,238.62.
• On Tuesday, September 1st, Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total value of $2,501,265.68.
• On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The stock was sold at an average price of $55.28, for a total transaction of $4,215,652.80.
• On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The stock was sold at an average price of $55.17, for a total transaction of $384,148.71.
• On Tuesday, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The shares were sold at an average price of $54.32, for a total transaction of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total transaction of $171,102.49.

Kinetik Stock Down 1.5%

NYSE KNTK traded down $0.83 on Wednesday, hitting $53.87. The stock had a trading volume of 1,568,378 shares, compared to its average volume of 1,002,639. The company’s 50-day moving average is $52.17 and its two-hundred day moving average is $49.06. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $56.92. The stock has a market cap of $8.75 billion, a price-to-earnings ratio of 19.52, a P/E/G ratio of 1.35 and a beta of 0.57.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. The company had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.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 earnings per share. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Clear Str lowered Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. US Capital Advisors upgraded shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Raymond James Financial reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of Kinetik in a report on Friday, August 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 price objective (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Finally, Scotiabank reiterated an “outperform” rating and issued a $58.00 target price (up from $52.00) on shares of Kinetik in a research report on Thursday, September 10th. One investment 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $54.00.

Hedge Funds Weigh In On Kinetik

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC increased its holdings in shares of Kinetik by 19.8% in the second quarter. Tidal Investments LLC now owns 29,777 shares of the company’s stock valued at $1,439,000 after buying an additional 4,930 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Kinetik during the 2nd quarter worth $259,000. Integrated Wealth Concepts LLC bought a new stake in shares of Kinetik during the 2nd quarter worth $71,000. NewEdge Advisors LLC grew its holdings in shares of Kinetik by 12.9% in the 2nd quarter. NewEdge Advisors LLC now owns 46,187 shares of the company’s stock worth $2,233,000 after acquiring an additional 5,269 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Kinetik by 28.3% in the 2nd quarter. IFP Advisors Inc now owns 3,101 shares of the company’s stock worth $150,000 after acquiring an additional 684 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

About Kinetik

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.