Isq Global Fund Ii Gp Llc Sells 4,262,090 Shares of Kinetik Holdings Inc. (NYSE:KNTK) Stock

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the completion of the sale, the insider now directly owns 1 shares in the company, valued at approximately $44.16. This represents a 100.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% 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 Monday, March 17th, Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54.

Kinetik Price Performance

Shares of NYSE KNTK traded up $0.33 during mid-day trading on Friday, hitting $44.05. 2,504,005 shares of the company's stock traded hands, compared to its average volume of 966,099. The company has a market capitalization of $6.96 billion, a P/E ratio of 46.37 and a beta of 3.05. The company's 50-day moving average is $43.87 and its two-hundred day moving average is $53.36. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. During the same period in the prior year, the firm earned $0.12 EPS. Kinetik's quarterly revenue was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.08%. Kinetik's dividend payout ratio (DPR) is presently 328.42%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of KNTK. Zimmer Partners LP acquired a new position in shares of Kinetik during the 1st quarter worth about $102,124,000. Westwood Holdings Group Inc. lifted its holdings in shares of Kinetik by 78.3% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after buying an additional 475,606 shares during the period. Pictet Asset Management Holding SA increased its holdings in shares of Kinetik by 8,475.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock valued at $24,442,000 after purchasing an additional 425,977 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new stake in shares of Kinetik during the 1st quarter valued at approximately $18,608,000. Finally, Prudential Financial Inc. boosted its position in Kinetik by 391.1% during the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock worth $22,250,000 after purchasing an additional 312,458 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Mizuho cut their price objective on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Wells Fargo & Company reduced their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Scotiabank lifted their price objective on Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Thursday. Finally, Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a research note on Sunday, June 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $56.56.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.

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