Kinetik (NYSE:KNTK) Major Shareholder Sells 38,377 Shares of Stock

Key Points

• Major shareholder Isq Global Fund II GP LLC sold 38,377 Kinetik shares at an average price of $54.19, generating approximately $2.08 million. After the sale, it held just one share, a 100% reduction in its position.
• Kinetik shares rose to $55.47, near their 12-month high of $56.92, while the company reported quarterly EPS of $0.64—well above the $0.19 analyst consensus—and 36.3% year-over-year revenue growth.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $54.33 target price; institutional investors own 21.11% of Kinetik’s stock.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 38,377 shares of the business's stock in a transaction on Monday, October 12th. The shares were sold at an average price of $54.19, for a total value of $2,079,649.63. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at approximately $54.19. This represents a 100.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The shares were sold at an average price of $54.21, for a total value 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 transaction of $6,471,530.87.
• On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The stock was sold at an average price of $53.79, for a total transaction of $3,144,778.56.
• On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The shares were sold at an average price of $54.00, for a total transaction 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 transaction 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 transaction of $1,295,588.70.
• On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The shares were sold at an average price of $53.72, for a total transaction of $2,145,415.64.
• 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 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 Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The shares were sold at an average price of $53.84, for a total value of $5,867,321.68.

Kinetik Stock Performance

Kinetik stock traded up $0.94 on Tuesday, reaching $55.47. The company's stock had a trading volume of 1,618,346 shares, compared to its average volume of 1,184,037. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.92. The company has a market cap of $9.01 billion, a price-to-earnings ratio of 20.10, a PEG ratio of 1.32 and a beta of 0.61. The business's fifty day moving average price is $53.13 and its 200 day moving average price is $49.95.

Kinetik (NYSE:KNTK - Get Free Report) last issued 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. The firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company's revenue was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. As a group, equities analysts forecast that Kinetik Holdings Inc. will post 1.30 earnings per share for the current year.

Hedge Funds Weigh In On Kinetik

Institutional investors have recently modified their holdings of the business. Miller Howard Investments Inc. NY increased its stake in Kinetik by 69.4% during the 1st quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company's stock worth $7,083,000 after purchasing an additional 59,942 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new stake in shares of Kinetik during the fourth quarter worth $9,323,000. Bank of New York Mellon Corp acquired a new stake in shares of Kinetik during the second quarter worth $17,364,000. Squarepoint Ops LLC acquired a new stake in shares of Kinetik during the second quarter worth $2,790,000. Finally, NEOS Investment Management LLC boosted its stake in Kinetik by 30.9% in the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company's stock worth $18,955,000 after purchasing an additional 92,637 shares during the period. Institutional investors own 21.11% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Barclays raised their price target on Kinetik from $51.00 to $56.00 and gave the company an "equal weight" rating in a report on Tuesday. Zacks Research raised shares of Kinetik from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, September 23rd. JPMorgan Chase & Co. increased their price objective on shares of Kinetik from $54.00 to $57.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $57.00 target price (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Finally, Scotiabank reissued an "outperform" rating and issued a $58.00 price target (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $54.33.

About Kinetik

Kinetik Holdings Inc NYSE: KNTK is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik's operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.

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