Kinetik (NYSE:KNTK) Major Shareholder Sells 14,889 Shares of Stock

Key Points

• ISQ Global Fund II GP sold 14,889 Kinetik shares at an average $55.07, worth about $820,000, reducing its stake by 1.53% to 961,114 shares. The fund has also reported other recent sales, including a 2 million-share transaction in October.
• Kinetik reported quarterly EPS of $0.64, beating the $0.19 analyst consensus, while revenue of $581.44 million exceeded estimates and rose 36.3% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $55.47; shares traded at $54.31 on Tuesday.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the company's stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total transaction of $819,937.23. Following the completion of the transaction, the insider owned 961,114 shares in the company, valued at approximately $52,928,547.98. This represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Large 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 Monday, November 2nd, Isq Global Fund Ii Gp Llc sold 3,267 shares of Kinetik stock. The shares were sold at an average price of $55.13, for a total transaction of $180,109.71.
• On Friday, October 30th, Isq Global Fund Ii Gp Llc sold 20,731 shares of Kinetik stock. The shares were sold at an average price of $56.69, for a total transaction of $1,175,240.39.
• On Tuesday, October 13th, Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock. The shares were sold at an average price of $54.77, for a total transaction of $109,540,000.00.
• On Monday, October 12th, Isq Global Fund Ii Gp Llc sold 38,377 shares of Kinetik stock. The stock was sold at an average price of $54.19, for a total transaction of $2,079,649.63.
• On Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The stock was sold at an average price of $54.21, for a total transaction of $3,167,978.19.
• On Thursday, October 8th, Isq Global Fund Ii Gp Llc sold 119,203 shares of Kinetik stock. The shares were sold at an average price of $54.29, for a total value of $6,471,530.87.
• On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The shares were sold at an average price of $53.79, for a total value of $3,144,778.56.
• On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The stock was sold at an average price of $54.00, for a total value of $5,106,780.00.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The stock was sold at an average price of $53.53, for a total value of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The stock was sold at an average price of $53.55, for a total value of $1,295,588.70.

Kinetik Stock Performance

Shares of Kinetik stock traded up $0.77 during trading on Tuesday, hitting $54.31. 1,441,290 shares of the stock traded hands, compared to its average volume of 1,178,988. The stock has a market cap of $8.82 billion, a P/E ratio of 19.68, a PEG ratio of 1.26 and a beta of 0.61. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $58.90. The company has a fifty day moving average price of $54.13 and a two-hundred day moving average price of $48.71.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. The firm had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The firm's revenue was up 36.3% on a year-over-year basis. On average, equities research analysts expect that Kinetik Holdings Inc. will post 1.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in KNTK. Allworth Financial LP lifted its holdings in Kinetik by 72.4% in the 2nd quarter. Allworth Financial LP now owns 569 shares of the company's stock worth $28,000 after purchasing an additional 239 shares during the last quarter. GAMMA Investing LLC boosted its position in Kinetik by 10.5% during the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company's stock worth $139,000 after purchasing an additional 273 shares during the period. Royal Fund Management LLC grew its holdings in Kinetik by 1.3% during the third quarter. Royal Fund Management LLC now owns 21,876 shares of the company's stock valued at $1,098,000 after purchasing an additional 289 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Kinetik by 4.0% in the third quarter. ProShare Advisors LLC now owns 7,676 shares of the company's stock valued at $385,000 after purchasing an additional 295 shares during the period. Finally, Signaturefd LLC raised its position in shares of Kinetik by 21.3% in the third quarter. Signaturefd LLC now owns 1,714 shares of the company's stock valued at $86,000 after purchasing an additional 301 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. The Goldman Sachs Group reissued a "buy" rating and issued a $58.00 target price on shares of Kinetik in a research report on Wednesday, October 14th. Tudor Pickering began coverage on shares of Kinetik in a report on Monday, July 20th. They set a "buy" rating and a $57.00 price target on the stock. Clear Str lowered shares of Kinetik from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 17th. Weiss Ratings raised shares of Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley decreased their price objective on shares of Kinetik from $70.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Kinetik presently has a consensus rating of "Moderate Buy" and an average target price of $55.47.

Kinetik Company Profile

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company's assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.

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