Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells 235,349 Shares

Key Points

• Major shareholder ISQ Global Fund II GP LLC sold 235,349 Kinetik shares for approximately $11.9 million, reducing its ownership by 12.22% to 1.69 million shares. It also reported two additional sales totaling 28,725 shares.
• Kinetik shares fell 2.2% to $49.08, while the company’s latest quarterly results significantly exceeded expectations: adjusted EPS was $0.64 versus a $0.19 consensus estimate, and revenue rose 36.3% year over year to $581.44 million.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $52.07 price target; institutional investors own 21.11% of the company.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $50.52, for a total value of $11,889,831.48. Following the transaction, the insider directly owned 1,691,370 shares of the company's stock, valued at approximately $85,448,012.40. This represents a 12.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% 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 Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The stock was sold at an average price of $50.24, for a total value of $1,333,872.00.
• On Monday, August 3rd, Isq Global Fund Ii Gp Llc sold 2,175 shares of Kinetik stock. The shares were sold at an average price of $50.04, for a total value of $108,837.00.

Kinetik Stock Down 2.2%

Shares of KNTK stock traded down $1.09 during mid-day trading on Friday, hitting $49.08. 1,145,809 shares of the company's stock were exchanged, compared to its average volume of 967,348. The stock has a 50-day simple moving average of $48.31 and a two-hundred day simple moving average of $46.59. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $52.54. The stock has a market cap of $7.97 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 1.98 and a beta of 0.56.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 37.86%. The company had revenue of $581.44 million during the quarter, compared to analysts' expectations of $421.48 million. During the same period in the previous year, the company earned $0.33 EPS. The business's quarterly revenue was up 36.3% compared to the same quarter last year. As a group, analysts anticipate that Kinetik Holdings Inc. will post 0.81 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Tudor Pickering initiated coverage on shares of Kinetik in a research report on Monday, July 20th. They issued a "buy" rating and a $57.00 price objective for the company. Raymond James Financial reiterated an "outperform" rating and issued a $55.00 price target on shares of Kinetik in a research note on Friday. US Capital Advisors raised Kinetik from a "moderate buy" rating to a "strong-buy" rating in a report on Friday, May 29th. Weiss Ratings upgraded Kinetik from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 6th. Finally, Wall Street Zen downgraded Kinetik from a "sell" rating to a "strong sell" rating in a research note on Sunday, May 17th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $52.07.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company's stock worth $183,739,000 after acquiring an additional 439,586 shares during the period. Zimmer Partners LP bought a new position in shares of Kinetik during the fourth quarter valued at approximately $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company's stock valued at $90,720,000 after purchasing an additional 30,600 shares during the last quarter. Cohen & Steers Inc. raised its position in shares of Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company's stock worth $66,458,000 after purchasing an additional 833,224 shares during the period. Finally, Invesco Ltd. raised its position in shares of Kinetik by 22.4% during the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company's stock worth $63,997,000 after purchasing an additional 325,251 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

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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