Isq Global Fund Ii Gp Llc Sells 113,075 Shares of Kinetik (NYSE:KNTK) Stock

Key Points

• Major shareholder Isq Global Fund II GP LLC sold 113,075 Kinetik shares at an average price of $51.60, generating $5.83 million and reducing its position by 8.35% to 1.24 million shares. The investor has also reported multiple additional Kinetik sales in August.
• Kinetik reported quarterly EPS of $0.64, exceeding the $0.19 consensus estimate, while revenue rose 36.3% year over year to $581.44 million. Shares recently traded at $52.99, down 0.8%.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $52.87; Truist and Citigroup recently raised their targets to $59 and $55, respectively.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 113,075 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $51.60, for a total value of $5,834,670.00. Following the transaction, the insider directly owned 1,241,054 shares in the company, valued at approximately $64,038,386.40. This trade represents a 8.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The stock was sold at an average price of $52.78, for a total value of $7,130,683.56.
• On Friday, August 14th, Isq Global Fund Ii Gp Llc sold 112,160 shares of Kinetik stock. The stock was sold at an average price of $53.48, for a total value of $5,998,316.80.
• 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 Tuesday, August 11th, Isq Global Fund Ii Gp Llc sold 147,516 shares of Kinetik stock. The stock was sold at an average price of $52.03, for a total transaction of $7,675,257.48.
• 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 value 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 transaction 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 transaction 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 Down 0.8%

Shares of KNTK traded down $0.45 during trading hours on Monday, hitting $52.99. 840,819 shares of the company were exchanged, compared to its average volume of 1,059,783. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $54.12. The company has a market cap of $8.60 billion, a price-to-earnings ratio of 19.20, a P/E/G ratio of 1.32 and a beta of 0.56. The firm's fifty day moving average is $49.07 and its 200 day moving average is $47.18.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million during the quarter, compared to analysts' expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.33 EPS. Analysts anticipate that Kinetik Holdings Inc. will post 1.3 EPS for the current year.

Analyst Ratings Changes

KNTK has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Kinetik from $53.00 to $59.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Weiss Ratings upgraded shares of Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Raymond James Financial restated an "outperform" rating and set a $55.00 target price on shares of Kinetik in a research report on Friday, August 7th. Wells Fargo & Company reissued an "overweight" rating and set a $54.00 target price on shares of Kinetik in a research note on Monday, August 10th. Finally, Citigroup reissued a "buy" rating and issued a $55.00 price objective (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $52.87.

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently made changes to their positions in KNTK. Miller Howard Investments Inc. NY boosted its stake in Kinetik by 69.4% in the first quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company's stock valued at $7,083,000 after acquiring an additional 59,942 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company's stock valued at $183,739,000 after purchasing an additional 439,586 shares in the last quarter. Infrastructure Capital Advisors LLC purchased a new position in Kinetik during the 4th quarter valued at about $9,323,000. HighTower Advisors LLC grew its stake in Kinetik by 33.1% during the fourth quarter. HighTower Advisors LLC now owns 102,906 shares of the company's stock valued at $3,710,000 after acquiring an additional 25,574 shares in the last quarter. Finally, Jennison Associates LLC grew its position in shares of Kinetik by 33.0% during the 4th quarter. Jennison Associates LLC now owns 270,126 shares of the company's stock valued at $9,738,000 after purchasing an additional 66,992 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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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