Kinetik (NYSE:KNTK) Major Shareholder Sells 108,977 Shares of Stock

Key Points

• ISQ Global Fund II GP LLC sold 108,977 Kinetik shares for approximately $5.87 million at an average price of $53.84, reducing its position by 15.27% to 604,868 shares. The shareholder has also reported multiple additional sales in recent weeks.
• Kinetik shares recently traded at $53.20, near the upper end of their 12-month range of $31.33 to $56.92. The company’s latest quarter exceeded expectations, with earnings of $0.64 per share versus the $0.19 consensus and revenue up 36.3% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average $54 price target, although several firms recently downgraded the stock to “Hold.”

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $53.84, for a total value of $5,867,321.68. Following the completion of the transaction, the insider owned 604,868 shares of the company's stock, valued at approximately $32,566,093.12. The trade was a 15.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major 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 Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The shares were sold at an average price of $53.59, for a total value of $1,152,774.49.
• On Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The stock was sold at an average price of $54.25, for a total value of $7,328,307.00.
• 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 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 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 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 shares were 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 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 trading on Monday, reaching $53.20. 1,168,520 shares of the company's stock traded hands, compared to its average volume of 1,173,101. The stock has a market capitalization of $8.64 billion, a P/E ratio of 19.28, a price-to-earnings-growth ratio of 1.32 and a beta of 0.57. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $56.92. The company has a 50 day moving average of $52.44 and a 200-day moving average of $49.22.

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 analysts' consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm had revenue of $581.44 million for the quarter, compared to analysts' expectations of $421.48 million. During the same quarter last year, the company posted $0.33 earnings per share. Kinetik's revenue was up 36.3% on a year-over-year basis. Equities research analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

KNTK has been the topic of several recent research reports. Royal Bank Of Canada reissued an "outperform" rating and issued a $57.00 price target (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Clear Str lowered Kinetik from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 17th. Jefferies Financial Group reiterated a "hold" rating and issued a $56.00 target price on shares of Kinetik in a research note on Wednesday, September 9th. JPMorgan Chase & Co. boosted their price target on shares of Kinetik from $54.00 to $57.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Finally, Zacks Research lowered shares of Kinetik from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Kinetik currently has an average rating of "Moderate Buy" and an average price target of $54.00.

Institutional Trading of Kinetik

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC boosted its position in Kinetik by 19.8% during the 2nd quarter. Tidal Investments LLC now owns 29,777 shares of the company's stock worth $1,439,000 after acquiring an additional 4,930 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Kinetik during the second quarter valued at $259,000. Integrated Wealth Concepts LLC bought a new stake in shares of Kinetik during the second quarter valued at about $71,000. NewEdge Advisors LLC raised its stake in shares of Kinetik by 12.9% during the second quarter. NewEdge Advisors LLC now owns 46,187 shares of the company's stock valued at $2,233,000 after purchasing an additional 5,269 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in Kinetik by 28.3% in the second quarter. IFP Advisors Inc now owns 3,101 shares of the company's stock worth $150,000 after purchasing an additional 684 shares during the period. Institutional investors own 21.11% of the company's stock.

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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