Kinetik (NYSE:KNTK) Major Shareholder Sells $807,660.64 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 15,088 shares of the business’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $53.53, for a total transaction of $807,660.64. Following the completion of the transaction, the insider owned 369,054 shares in the company, valued at approximately $19,755,460.62. The trade was a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major 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, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The stock was 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 transaction of $5,106,780.00.
• 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.
• On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The stock was sold at an average price of $53.72, for a total value of $2,145,415.64.
• 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 value 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 value of $7,328,307.00.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The shares were sold at an average price of $53.84, for a total transaction of $5,867,321.68.
• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The shares were 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 stock was sold at an average price of $55.11, for a total transaction of $258,245.46.
• 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.

Kinetik Stock Down 1.8%

NYSE KNTK opened at $53.42 on Friday. The company’s 50 day moving average is $53.03 and its 200-day moving average is $49.87. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $56.92. The firm has a market cap of $8.67 billion, a P/E ratio of 19.36, a price-to-earnings-growth ratio of 1.34 and a beta of 0.61.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. Kinetik’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same period last year, the firm earned $0.33 EPS. Equities analysts expect that Kinetik Holdings Inc. will post 1.30 EPS for the current year.

Institutional Investors Weigh In On Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake 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 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 last quarter. Dimensional Fund Advisors LP increased its stake in Kinetik by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock valued at $33,285,000 after acquiring an additional 8,513 shares during the last quarter. SIR Capital Management L.P. raised its position in Kinetik by 195.1% during the fourth quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock valued at $24,229,000 after purchasing an additional 444,368 shares in the last quarter. Finally, Crawford Investment Counsel Inc. lifted its stake in Kinetik by 30.5% during the fourth quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company’s stock worth $14,541,000 after purchasing an additional 94,173 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Weiss Ratings raised Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Barclays set a $51.00 price objective on Kinetik and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Scotiabank reissued an “outperform” rating and set a $58.00 price objective (up from $52.00) on shares of Kinetik in a report on Thursday, September 10th. Morgan Stanley restated an “overweight” rating and issued a $70.00 target price (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 target price (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Kinetik Company Profile

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.