Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 8,772 Shares

Key Points

• Major shareholder ISQ Global Fund II GP LLC sold 8,772 Kinetik shares at an average price of $55.06, generating $482,986.32. The sale reduced its ownership by 1.21%, leaving it with 713,845 shares valued at approximately $39.3 million.
• Kinetik shares traded at $53.87, with the stock up substantially from its 12-month low of $31.33 and near its 12-month high of $56.92. The company’s latest quarterly results exceeded expectations, with EPS of $0.64 versus a $0.19 consensus estimate and revenue up 36.3% year over year.
• Analysts maintain a generally positive view, giving Kinetik a “Moderate Buy” consensus rating and an average price target of $54.00; Truist Financial recently raised its target to $59.00 and assigned a “Buy” rating.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 8,772 shares of the firm's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $55.06, for a total value of $482,986.32. Following the transaction, the insider owned 713,845 shares in the company, valued at $39,304,305.70. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more 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 Tuesday, September 15th, Isq Global Fund Ii Gp Llc sold 4,686 shares of Kinetik stock. The shares were 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.
• 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 shares were 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 value of $4,215,652.80.
• On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The shares were sold at an average price of $55.17, for a total transaction of $384,148.71.
• On Tuesday, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The shares were sold at an average price of $54.32, for a total transaction 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 transaction of $171,102.49.

Kinetik Stock Performance

KNTK traded down $0.83 during trading on Wednesday, hitting $53.87. The stock had a trading volume of 1,568,378 shares, compared to its average volume of 1,002,639. The stock has a 50 day simple moving average of $52.17 and a two-hundred day simple moving average of $49.06. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.92. The company has a market capitalization of $8.75 billion, a PE ratio of 18.48, a PEG ratio of 1.35 and a beta of 0.57.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in KNTK. Cohen & Steers Inc. raised its position in Kinetik by 82.5% during the fourth 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 period. SIR Capital Management L.P. raised its position in shares of Kinetik by 195.1% during the 4th quarter. SIR Capital Management L.P. now owns 672,090 shares of the company's stock worth $24,229,000 after purchasing an additional 444,368 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Kinetik in the 2nd quarter valued at about $17,364,000. Infrastructure Capital Advisors LLC acquired a new stake in Kinetik in the 4th quarter worth about $9,323,000. Finally, Pictet Asset Management Holding SA increased its stake 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 in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $54.00 price objective on shares of Kinetik in a research report on Monday, August 10th. Wall Street Zen raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings raised shares of Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Raymond James Financial restated an "outperform" rating and issued a $55.00 target price on shares of Kinetik in a research note on Friday, August 7th. Finally, Truist Financial boosted their price target on Kinetik from $53.00 to $59.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. One investment 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $54.00.

Kinetik Company Profile

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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