Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $3,219,238.62 in Stock

Key Points

• Major shareholder ISQ Global Fund II GP LLC sold 58,383 Kinetik shares at an average price of $55.14, generating $3.22 million. The sale reduced its position by 7.32%, though it still directly owns approximately 738,753 shares.
• Kinetik shares traded down 0.5% to $54.28, near the company’s 12-month high of $56.92. The stock has a market capitalization of approximately $8.81 billion.
• Kinetik reported strong quarterly results, with EPS of $0.64 versus the $0.19 consensus estimate and revenue of $581.44 million, up 36.3% year over year. Analysts maintain a “Moderate Buy” consensus 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 58,383 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $55.14, for a total value of $3,219,238.62. Following the completion of the sale, the insider directly owned 738,753 shares in the company, valued at approximately $40,734,840.42. The trade was a 7.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 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 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 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 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 value of $4,215,652.80.
• On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The stock was sold at an average price of $55.17, for a total value of $384,148.71.
• On Tuesday, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The stock was sold at an average price of $54.32, for a total value of $3,525,259.36.
• On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total value of $171,102.49.
• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The shares were sold at an average price of $52.78, for a total value of $7,130,683.56.
• On Friday, August 14th, Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock. The stock was sold at an average price of $53.48, for a total value of $5,998,316.80.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The stock was sold at an average price of $51.60, for a total transaction of $5,834,670.00.

Kinetik Trading Down 0.5%

NYSE:KNTK traded down $0.27 during mid-day trading on Thursday, hitting $54.28. The stock had a trading volume of 1,660,324 shares, compared to its average volume of 919,753. 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 simple moving average of $51.68 and a two-hundred day simple moving average of $48.79. The company has a market capitalization of $8.81 billion, a PE ratio of 18.43, a PEG ratio of 1.35 and a beta of 0.57.

Kinetik (NYSE:KNTK - Get Free Report) last posted 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. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company had revenue of $581.44 million during the quarter, compared to analysts' expectations of $421.48 million. During the same quarter in the previous year, the business posted $0.33 EPS. The firm's revenue was up 36.3% on a year-over-year basis. Sell-side analysts predict that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Institutional Trading of Kinetik

A number of large investors have recently bought and sold shares of the business. California State Teachers Retirement System boosted its position in shares of Kinetik by 4,839.8% during the 2nd quarter. California State Teachers Retirement System now owns 2,898,031 shares of the company's stock worth $140,091,000 after purchasing an additional 2,839,364 shares in the last quarter. Zimmer Partners LP purchased a new position in Kinetik during the 4th quarter valued at about $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Kinetik by 1.7% during 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 purchasing an additional 30,600 shares during the last quarter. Cohen & Steers Inc. grew its holdings in 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 buying an additional 833,224 shares during the last quarter. Finally, Invesco Ltd. increased its position in Kinetik by 22.4% during the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company's stock worth $63,997,000 after buying an additional 325,251 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on KNTK shares. Clear Str lowered Kinetik from a "strong-buy" rating to a "hold" rating in a report on Monday, August 17th. Barclays set a $51.00 price objective on Kinetik and gave the stock an "equal weight" rating in a research report on Thursday, August 6th. Morgan Stanley reiterated an "overweight" rating and issued a $70.00 price objective (up from $64.00) on shares of Kinetik in a report on Tuesday, August 18th. Jefferies Financial Group reissued a "hold" rating and set a $56.00 target price on shares of Kinetik in a research report on Wednesday. Finally, Wall Street Zen raised Kinetik from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Kinetik has an average rating of "Moderate Buy" and a consensus price target of $54.00.

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.

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