Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $7,675,257.48 in Stock

Key Points

• Major shareholder selling: ISQ Global Fund II GP LLC sold 147,516 Kinetik shares for approximately $7.68 million, reducing its stake by 9.3% to 1.44 million shares. The fund also reported several additional KNTK sales in early August.
• Strong quarterly results: Kinetik reported quarterly EPS of $0.64, well above the $0.19 analyst consensus, while revenue rose 36.3% year over year to $581.4 million.
• Positive analyst outlook: Kinetik has a consensus “Moderate Buy” rating and an average price target of $52.87, compared with shares trading around $51.22; targets from covering analysts range from $51 to $57.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 147,516 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $52.03, for a total value of $7,675,257.48. Following the completion of the sale, the insider directly owned 1,438,830 shares in the company, valued at approximately $74,862,324.90. The trade was a 9.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The shares were sold at an average price of $51.52, for a total transaction of $4,363,795.52.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The shares were sold at an average price of $50.87, for a total transaction of $3,991,972.38.
• On Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The shares were sold at an average price of $50.24, for a total value of $1,333,872.00.
• On Thursday, August 6th, Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48.
• On Monday, August 3rd, Isq Global Fund Ii Gp Llc sold 2,175 shares of Kinetik stock. The stock was sold at an average price of $50.04, for a total value of $108,837.00.

Kinetik Stock Up 0.2%

Shares of NYSE KNTK traded up $0.11 during midday trading on Wednesday, hitting $51.22. The stock had a trading volume of 671,949 shares, compared to its average volume of 1,067,033. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.69 and a beta of 0.56. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $52.69. The company has a fifty day moving average price of $48.64 and a 200 day moving average price of $46.90.

Kinetik (NYSE:KNTK - Get Free Report) last posted 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. The firm had revenue of $581.44 million during the quarter, compared to the consensus estimate 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 company earned $0.33 EPS. On average, research analysts forecast that Kinetik Holdings Inc. will post 0.97 EPS for the current year.

Institutional Trading of Kinetik

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on KNTK shares. Barclays set a $51.00 price target on Kinetik and gave the company an "equal weight" rating in a report on Thursday, August 6th. Tudor Pickering started coverage on Kinetik in a research report on Monday, July 20th. They issued a "buy" rating and a $57.00 target price for the company. Raymond James Financial reiterated an "outperform" rating and issued a $55.00 target price on shares of Kinetik in a research note on Friday, August 7th. Citigroup reissued a "buy" rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research report on Tuesday. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $54.00 price target on shares of Kinetik in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Kinetik presently has a consensus rating of "Moderate Buy" and an average target price of $52.87.

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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