Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 135,084 Shares

Key Points

• Isq Global Fund II GP LLC sold 135,084 Kinetik shares for approximately $7.33 million at an average price of $54.25, reducing its position by 22.33% to 469,784 shares. The fund has also made multiple additional Kinetik sales in recent weeks.
• Kinetik shares fell 0.6% to $53.20, while the company’s stock remains near its 52-week high of $56.92. The company has a market capitalization of approximately $8.64 billion.
• Kinetik’s latest quarterly results exceeded expectations, with earnings of $0.64 per share versus a $0.19 consensus estimate and revenue up 36.3% year over year. 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 135,084 shares of the company's stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $54.25, for a total transaction of $7,328,307.00. Following the completion of the transaction, the insider owned 469,784 shares in the company, valued at approximately $25,485,782. This trade represents a 22.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through 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 Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The stock was sold at an average price of $53.59, for a total value of $1,152,774.49.
• 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 value of $5,867,321.68.
• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The shares were sold at an average price of $55.06, for a total transaction of $482,986.32.
• 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 shares were 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 stock was 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 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 transaction of $3,219,238.62.
• On Tuesday, September 1st, Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock. The shares were sold at an average price of $55.06, for a total transaction of $2,501,265.68.
• On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The stock was sold at an average price of $55.28, for a total transaction of $4,215,652.80.

Kinetik Stock Down 0.6%

Shares of KNTK traded down $0.30 during mid-day trading on Monday, hitting $53.20. 1,168,520 shares of the company's stock were exchanged, compared to its average volume of 1,173,101. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 1.32 and a beta of 0.57. The stock's 50-day simple moving average is $52.44 and its 200-day simple moving average is $49.22. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $56.92.

Kinetik (NYSE:KNTK - Get Free Report) last posted its 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 business had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm's revenue was up 36.3% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. Analysts forecast that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Institutional Trading of Kinetik

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allworth Financial LP grew its position in Kinetik by 72.4% during the 2nd 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. GAMMA Investing LLC increased its holdings in shares of Kinetik by 10.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company's stock worth $139,000 after purchasing an additional 273 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of Kinetik by 3.5% in the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company's stock worth $311,000 after purchasing an additional 294 shares in the last quarter. Essex Financial Services Inc. raised its stake in shares of Kinetik by 2.8% in the first quarter. Essex Financial Services Inc. now owns 19,057 shares of the company's stock worth $923,000 after purchasing an additional 515 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Kinetik by 0.5% during the fourth quarter. Legal & General Group Plc now owns 117,720 shares of the company's stock valued at $4,244,000 after purchasing an additional 610 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on KNTK shares. Barclays set a $51.00 price objective on shares of Kinetik and gave the company an "equal weight" rating in a research report on Thursday, August 6th. US Capital Advisors raised Kinetik from a "moderate buy" rating to a "strong-buy" rating in a research note on Friday, May 29th. Truist Financial raised their price target on Kinetik from $53.00 to $59.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Raymond James Financial restated an "outperform" rating and set a $55.00 price target on shares of Kinetik in a research report on Friday, August 7th. Finally, Weiss Ratings raised Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. 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's stock. According to MarketBeat.com, Kinetik has a consensus rating of "Moderate Buy" and a consensus target price 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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