Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 21,511 Shares of Stock

Key Points

• Major shareholder ISQ Global Fund II GP LLC sold 21,511 Kinetik shares at an average price of $53.59, generating approximately $1.15 million. The sale reduced its position by 4.58% to 448,273 shares, following several other large sales in recent weeks.
• Kinetik shares traded at $53.20, near the company’s 52-week high of $56.92, with a market capitalization of approximately $8.64 billion. The stock’s 50-day and 200-day moving averages were $52.44 and $49.22, respectively.
• Kinetik reported quarterly EPS of $0.64, well above the $0.19 consensus estimate, while revenue rose 36.3% year over year to $581.44 million. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $54.00.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 21,511 shares of the company's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $53.59, for a total value of $1,152,774.49. Following the transaction, the insider directly owned 448,273 shares in the company, valued at approximately $24,022,950.07. This represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Large shareholders that own more than 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 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 value of $5,867,321.68.
• 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 value 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 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 value of $56,528.75.
• On Thursday, September 10th, Isq Global Fund Ii Gp Llc sold 5,840 shares of Kinetik stock. The shares were sold at an average price of $55.39, for a total value 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 value of $253,046.15.
• On Tuesday, September 8th, Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock. The stock was 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 shares were sold at an average price of $55.28, for a total transaction of $4,215,652.80.

Kinetik Price Performance

Shares of NYSE KNTK traded down $0.30 during mid-day trading on Monday, hitting $53.20. The company's stock had a trading volume of 1,168,520 shares, compared to its average volume of 1,173,101. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 1.32 and a beta of 0.57. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $56.92. The company's fifty day simple moving average is $52.44 and its 200-day simple moving average is $49.22.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. Kinetik's revenue was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.33 EPS. On average, sell-side analysts predict that Kinetik Holdings Inc. will post 1.3 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company reaffirmed an "overweight" rating and set a $54.00 target price on shares of Kinetik in a report on Monday, August 10th. Clear Str downgraded Kinetik from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 17th. Tudor Pickering assumed coverage on Kinetik in a research report on Monday, July 20th. They issued a "buy" rating and a $57.00 price target on the stock. Scotiabank reaffirmed an "outperform" rating and set a $58.00 price objective (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. Finally, Weiss Ratings upgraded Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. 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 valued at $66,458,000 after purchasing an additional 833,224 shares in the last quarter. SIR Capital Management L.P. grew its position in shares of Kinetik by 195.1% in the 4th 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 during the period. Bank of New York Mellon Corp bought a new stake in Kinetik during the 2nd quarter worth approximately $17,364,000. Infrastructure Capital Advisors LLC bought a new stake in Kinetik during the 4th quarter worth approximately $9,323,000. Finally, Pictet Asset Management Holding SA raised its holdings in Kinetik by 107.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company's stock worth $17,701,000 after buying an additional 189,065 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.