Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $5,867,321.68 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 108,977 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $53.84, for a total transaction of $5,867,321.68. Following the sale, the insider directly owned 604,868 shares of the company’s stock, valued at approximately $32,566,093.12. This trade represents a 15.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• 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 transaction of $1,152,774.49.
• On Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The shares were sold at an average price of $54.25, for a total transaction of $7,328,307.00.
• 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 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 value of $258,245.46.
• On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The shares were 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.
• 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.

Kinetik Price Performance

Shares of Kinetik stock opened at $53.03 on Thursday. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $56.92. The business has a 50-day simple moving average of $52.57 and a 200 day simple moving average of $49.32. The firm has a market capitalization of $8.61 billion, a price-to-earnings ratio of 19.21, a PEG ratio of 1.29 and a beta of 0.57.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. During the same period in the prior year, the firm posted $0.33 EPS. The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. On average, sell-side analysts expect that Kinetik Holdings Inc. will post 1.3 EPS for the current year.

Wall Street Analysts Forecast Growth

KNTK has been the subject of several research analyst reports. Truist Financial lifted their target price on shares of Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.00 price target on shares of Kinetik in a research report on Wednesday, September 9th. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price objective (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. Finally, Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Institutional Investors Weigh In On Kinetik

Several institutional investors and hedge funds have recently bought and sold shares of KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after buying an additional 30,600 shares in the last quarter. Cohen & Steers Inc. lifted its holdings in shares of Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after acquiring an additional 833,224 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Kinetik by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after acquiring an additional 8,513 shares in the last quarter. SIR Capital Management L.P. boosted its position in shares of Kinetik by 195.1% during the 4th quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock worth $24,229,000 after acquiring an additional 444,368 shares in the last quarter. Finally, NEOS Investment Management LLC increased its stake in Kinetik by 30.9% in the second 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 during the last quarter. Institutional investors own 21.11% of the company’s stock.

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.