Isq Global Fund Ii Gp Llc Sells 4,000,000 Shares of Kinetik (NYSE:KNTK) Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at approximately $44.85. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Kinetik Trading Down 1.1%

Shares of KNTK opened at $46.42 on Wednesday. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $55.96. The stock has a market cap of $7.50 billion, a P/E ratio of 18.06, a PEG ratio of 1.15 and a beta of 0.70. The company has a 50-day moving average of $40.02 and a two-hundred day moving average of $38.94.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business had revenue of $430.42 million during the quarter. During the same period last year, the business earned $0.01 earnings per share. The company’s revenue for the quarter was up 11.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of analysts recently commented on KNTK shares. Zacks Research cut Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Wells Fargo & Company raised their price target on shares of Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Raymond James Financial set a $46.00 price objective on shares of Kinetik in a research report on Monday, January 5th. Citigroup raised their target price on shares of Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday. Finally, The Goldman Sachs Group lowered their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.18.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently made changes to their positions in KNTK. Vanguard Group Inc. increased its holdings in shares of Kinetik by 9.4% during the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after buying an additional 439,586 shares during the last quarter. Zimmer Partners LP purchased a new stake in Kinetik during the fourth quarter valued at about $98,611,000. Cohen & Steers Inc. grew its position in Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after acquiring an additional 833,224 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Kinetik by 86.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock worth $66,455,000 after acquiring an additional 855,000 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Kinetik by 22.4% in the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after purchasing an additional 325,251 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

About Kinetik

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.