Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 76,260 Shares of Stock

Key Points

• ISQ Global Fund II GP LLC sold 76,260 Kinetik shares at an average price of $55.28, generating approximately $4.22 million. The sale reduced its ownership by 8.3% to 842,564 shares.
• The transaction follows a series of additional Kinetik share sales in August, totaling more than 840,000 shares and over $40 million in disclosed proceeds.
• Kinetik recently exceeded earnings expectations, reporting quarterly EPS of $0.64 versus the $0.19 consensus and revenue of $581.44 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $53.27, while shares recently traded at $54.02.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 76,260 shares of the firm's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $55.28, for a total value of $4,215,652.80. Following the sale, the insider directly owned 842,564 shares in the company, valued at approximately $46,576,937.92. This represents a 8.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

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

• 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 stock was 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 value of $5,834,670.00.
• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The stock was sold at an average price of $51.52, for a total value of $4,363,795.52.
• On Tuesday, August 11th, Isq Global Fund Ii Gp Llc sold 147,516 shares of Kinetik stock. The shares were sold at an average price of $52.03, for a total transaction of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The stock was sold at an average price of $50.87, for a total transaction of $3,991,972.38.
• On Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The stock was sold at an average price of $50.24, for a total transaction of $1,333,872.00.

Kinetik Stock Performance

Shares of KNTK traded down $0.36 during midday trading on Friday, hitting $54.02. 869,328 shares of the company traded hands, compared to its average volume of 1,141,186. The firm has a 50 day moving average of $50.54 and a 200-day moving average of $47.99. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $56.10. The stock has a market cap of $8.77 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 1.34 and a beta of 0.56.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million for the quarter, compared to analysts' expectations of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business's revenue was up 36.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 earnings per share. Sell-side analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Wall Street Zen raised Kinetik from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. JPMorgan Chase & Co. upped their price target on shares of Kinetik from $54.00 to $57.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Citigroup reiterated a "buy" rating and set a $55.00 price objective (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Morgan Stanley reissued an "overweight" rating and issued a $70.00 price objective (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. Finally, Scotiabank restated an "outperform" rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.27.

Institutional Investors Weigh In On Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Comerica Bank grew its holdings in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company's stock valued at $80,000 after purchasing an additional 732 shares during the last quarter. AQR Capital Management LLC lifted its stake in Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock worth $670,000 after purchasing an additional 522 shares during the last quarter. Millennium Management LLC boosted its position in shares of Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company's stock valued at $6,884,000 after buying an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Kinetik by 27.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company's stock valued at $4,131,000 after buying an additional 17,034 shares during the period. Finally, Intech Investment Management LLC grew its stake in shares of Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company's stock valued at $1,149,000 after buying an additional 2,766 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Company Profile

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.

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