Kinetik (NYSE:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 112,160 Shares

Key Points

• Isq Global Fund II GP LLC sold 112,160 Kinetik shares at an average price of $53.48, generating nearly $6.0 million. The sale reduced its stake by 9.04%, to 1.13 million shares, and followed several other sales in August.
• Kinetik shares traded at $52.99, near their 12-month high of $54.12, with the stock up relative to its 50-day and 200-day moving averages.
• Kinetik recently reported adjusted earnings of $0.64 per share, well above the $0.19 consensus estimate, while revenue rose 36.3% year over year to $581.44 million. Analysts maintain a “Moderate Buy” consensus rating with an average target price of $52.87.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 112,160 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $53.48, for a total transaction of $5,998,316.80. Following the transaction, the insider owned 1,128,894 shares of the company's stock, valued at $60,373,251.12. This trade represents a 9.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 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 transaction of $7,130,683.56.
• On Thursday, August 13th, Isq Global Fund Ii Gp Llc sold 113,075 shares of Kinetik stock. The shares were sold at an average price of $51.60, for a total transaction of $5,834,670.00.
• 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 shares were 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 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 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 shares were sold at an average price of $50.04, for a total value of $108,837.00.

Kinetik Price Performance

Kinetik stock traded down $0.45 during mid-day trading on Monday, hitting $52.99. 840,819 shares of the company were exchanged, compared to its average volume of 1,059,783. The business's 50 day simple moving average is $49.07 and its two-hundred day simple moving average is $47.18. The company has a market capitalization of $8.60 billion, a P/E ratio of 19.20, a PEG ratio of 1.32 and a beta of 0.56. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $54.12.

Kinetik (NYSE:KNTK - Get Free Report) last issued 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. The business had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business's revenue was up 36.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.33 earnings per share. Equities research analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Institutional Trading of Kinetik

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC grew its holdings in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after buying an additional 352 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Kinetik during the 4th quarter worth about $33,000. Los Angeles Capital Management LLC purchased a new position in shares of Kinetik during the 4th quarter worth about $40,000. Huntington National Bank boosted its position in shares of Kinetik by 139.1% in the fourth quarter. Huntington National Bank now owns 1,222 shares of the company's stock worth $44,000 after acquiring an additional 711 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Kinetik in the third quarter valued at approximately $55,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of recent research reports. Scotiabank restated an "outperform" rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Morgan Stanley set a $64.00 price objective on shares of Kinetik and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Tudor Pickering began coverage on shares of Kinetik in a research note on Monday, July 20th. They set a "buy" rating and a $57.00 price objective on the stock. Barclays set a $51.00 target price on shares of Kinetik and gave the stock an "equal weight" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and a consensus target price of $52.87.

Kinetik Company Profile

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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