Kinetik (NYSE:KNTK) Major Shareholder Sells 38,377 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 38,377 shares of the firm’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $54.19, for a total value of $2,079,649.63. Following the sale, the insider directly owned 1 shares of the company’s stock, valued at $54.19. This represents a 100.00% decrease in their position. The sale 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 transactions with the SEC.

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

• On Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The shares were sold at an average price of $54.21, for a total transaction of $3,167,978.19.
• On Thursday, October 8th, Isq Global Fund Ii Gp Llc sold 119,203 shares of Kinetik stock. The shares were sold at an average price of $54.29, for a total transaction of $6,471,530.87.
• 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 value of $3,144,778.56.
• On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The shares were sold at an average price of $54.00, for a total value of $5,106,780.00.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The shares were sold at an average price of $53.53, for a total value of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The stock was 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 shares were 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 stock was sold at an average price of $54.25, for a total transaction of $7,328,307.00.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The stock was sold at an average price of $53.84, for a total transaction of $5,867,321.68.

Kinetik Trading Up 1.7%

Kinetik stock traded up $0.94 during trading hours on Tuesday, reaching $55.47. 1,618,346 shares of the stock were exchanged, compared to its average volume of 1,184,037. The company has a market cap of $9.01 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 1.32 and a beta of 0.61. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.92. The stock has a 50 day moving average of $53.13 and a two-hundred day moving average of $49.95.

Kinetik (NYSE:KNTK) last released 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 firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period last year, the firm earned $0.33 EPS. On average, analysts expect that Kinetik Holdings Inc. will post 1.30 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP raised its position in Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after purchasing an additional 239 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Kinetik during the second quarter valued at about $71,000. Nykredit A S acquired a new stake in shares of Kinetik during the second quarter valued at about $109,000. GAMMA Investing LLC grew its holdings in Kinetik by 10.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after acquiring an additional 273 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in Kinetik during the 1st quarter worth approximately $140,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on KNTK shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $57.00 price objective (up from $56.00) on shares of Kinetik in a research note on Tuesday, August 11th. Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. upped their target price on Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Wells Fargo & Company restated an “overweight” rating and set a $54.00 target price on shares of Kinetik in a research note on Monday, August 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.00 target price on shares of Kinetik in a report on Wednesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.33.

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.