Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 21,429 Shares of Stock

Key Points

• Major shareholder Isq Global Fund II GP LLC sold 21,429 KNTK shares on April 22 at an average price of $48.02 for $1.03M, trimming its stake to 1,478,572 shares (a 1.43% reduction) per an SEC filing.
• That sale adds to recent large disposals by the same holder — 138,771 shares on April 23 (~$6.68M) and 4,000,000 shares on Feb 26 (~$179.4M) — indicating substantial insider liquidation in recent months.
• Kinetik trades around $47.46 with a $7.7B market cap, recently reported a quarterly EPS of $2.16 (vs. $0.15 consensus), and holds a consensus analyst rating of Moderate Buy with an average target of $48.08.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 21,429 shares of the stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $48.02, for a total value of $1,029,020.58. Following the completion of the transaction, the insider directly owned 1,478,572 shares in the company, valued at $71,001,027.44. This trade represents a 1.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company's shares 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 Thursday, April 23rd, Isq Global Fund Ii Gp Llc sold 138,771 shares of Kinetik stock. The stock was sold at an average price of $48.17, for a total transaction of $6,684,599.07.
• On Thursday, February 26th, Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock. The shares were sold at an average price of $44.85, for a total transaction of $179,400,000.00.

Kinetik Price Performance

Shares of KNTK traded down $0.66 during midday trading on Friday, reaching $47.46. 562,786 shares of the stock were exchanged, compared to its average volume of 1,038,606. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $49.55. The company has a market capitalization of $7.70 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 1.52 and a beta of 0.66. The business's 50-day moving average price is $46.10 and its 200 day moving average price is $40.14.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm had revenue of $430.42 million during the quarter. During the same period last year, the company earned $0.01 earnings per share. The firm's revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, equities research analysts expect that Kinetik Holdings Inc. will post 1.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

KNTK has been the topic of a number of research reports. Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a report on Thursday, March 26th. Truist Financial started coverage on Kinetik in a research report on Tuesday, March 24th. They set a "buy" rating and a $53.00 target price on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a report on Tuesday. UBS Group dropped their price target on Kinetik from $49.00 to $48.00 and set a "neutral" rating for the company in a research report on Monday, March 16th. Finally, Barclays boosted their price objective on shares of Kinetik from $44.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Kinetik currently has a consensus rating of "Moderate Buy" and an average target price of $48.08.

Hedge Funds Weigh In On Kinetik

Institutional investors and hedge funds have recently modified their holdings of the company. CWM LLC lifted its holdings in shares of Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company's stock worth $27,000 after acquiring an additional 352 shares during the period. Signaturefd LLC grew its holdings in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company's stock valued at $29,000 after purchasing an additional 404 shares during the period. Kestra Advisory Services LLC acquired a new position in Kinetik during the fourth quarter worth approximately $33,000. Los Angeles Capital Management LLC acquired a new position in Kinetik during the fourth quarter worth approximately $40,000. Finally, Huntington National Bank raised its stake in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company's stock worth $44,000 after purchasing an additional 711 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

About Kinetik

Kinetik NYSE: KNTK is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company's core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.

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