Isq Global Fund Ii Gp Llc Sells 64,898 Shares of Kinetik (NYSE:KNTK) Stock

Key Points

• Major shareholder selling: Isq Global Fund II GP LLC sold 64,898 Kinetik shares at an average price of $54.32, reducing its ownership by 6.53% to 928,894 shares. The investor has made multiple additional sales in August, totaling more than 900,000 shares.
• Strong quarterly results: Kinetik reported quarterly EPS of $0.64, beating the $0.19 consensus estimate, while revenue rose 36.3% year over year to $581.44 million.
• Stock and analyst outlook: KNTK recently traded at $54.47, near its 12-month high of $56.10. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $53.27, while some firms raised targets to $57.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 64,898 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $54.32, for a total transaction of $3,525,259.36. Following the completion of the sale, the insider directly owned 928,894 shares in the company, valued at approximately $50,457,522.08. This represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Large 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 Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The stock was sold at an average price of $55.07, for a total transaction of $171,102.49.
• On Monday, August 17th, Isq Global Fund Ii Gp Llc sold 135,102 shares of Kinetik stock. The shares were 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 shares were sold at an average price of $53.48, for a total value of $5,998,316.80.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The stock was sold at an average price of $51.60, for a total value of $5,834,670.00.
• On Wednesday, August 12th, Isq Global Fund Ii Gp Llc sold 84,701 shares of Kinetik stock. The stock was sold at an average price of $51.52, for a total value 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 value of $7,675,257.48.
• On Monday, August 10th, Isq Global Fund Ii Gp Llc sold 78,474 shares of Kinetik stock. The stock was 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 stock was 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 stock was 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 Performance

NYSE KNTK traded down $0.24 on Thursday, reaching $54.47. The stock had a trading volume of 1,119,421 shares, compared to its average volume of 1,075,665. The stock has a market cap of $8.84 billion, a P/E ratio of 18.48, a price-to-earnings-growth ratio of 1.35 and a beta of 0.56. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $56.10. The business's 50-day moving average price is $49.54 and its 200 day moving average price is $47.47.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business had revenue of $581.44 million for the quarter, compared to analysts' expectations of $421.48 million. During the same period in the previous year, the company posted $0.33 EPS. The company's quarterly revenue was up 36.3% on a year-over-year basis. On average, sell-side analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Analysts Set New Price Targets

KNTK has been the topic of a number of recent research reports. Zacks Research raised Kinetik from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Tudor Pickering assumed coverage on shares of Kinetik in a research report on Monday, July 20th. They set a "buy" rating and a $57.00 price objective for the company. Weiss Ratings raised shares of Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Jefferies Financial Group restated a "hold" rating and issued a $51.00 price objective on shares of Kinetik in a research report on Friday, May 8th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $57.00 price target (up from $56.00) on shares of Kinetik in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Kinetik has a consensus rating of "Moderate Buy" and an average price target of $53.27.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently modified their holdings of KNTK. Pinnacle Holdings LLC purchased a new position in shares of Kinetik during the 2nd quarter worth approximately $4,476,000. Bank of New York Mellon Corp acquired a new position in shares of Kinetik in the second quarter worth $17,364,000. GAMMA Investing LLC lifted its position in shares of Kinetik by 10.5% in the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company's stock valued at $139,000 after acquiring an additional 273 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in Kinetik during the 1st quarter worth about $1,981,000. Finally, Amundi raised its stake in Kinetik by 48.7% in the 1st quarter. Amundi now owns 17,645 shares of the company's stock valued at $854,000 after purchasing an additional 5,775 shares during the last quarter. 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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