Kinetik (NYSE:KNTK) Major Shareholder Sells $1,333,872.00 in Stock

Key Points

• Major shareholder Isq Global Fund II GP LLC sold 26,550 Kinetik shares for $1.33 million at an average price of $50.24, reducing its ownership by 1.57% to 1.66 million shares. The fund also sold more than 237,000 shares in earlier August transactions.
• Kinetik reported quarterly earnings of $0.64 per share, beating the $0.19 consensus estimate, while revenue rose 36.3% year over year to $581.44 million.
• KNTK shares closed at $49.08, down $1.09, but analysts maintained a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $52.07.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 26,550 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $50.24, for a total transaction of $1,333,872.00. Following the completion of the sale, the insider directly owned 1,664,820 shares of the company's stock, valued at approximately $83,640,556.80. This trade represents a 1.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 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 transaction of $108,837.00.

Kinetik Stock Performance

KNTK traded down $1.09 during trading on Friday, hitting $49.08. The stock had a trading volume of 1,145,809 shares, compared to its average volume of 967,348. The firm has a market capitalization of $7.97 billion, a P/E ratio of 16.95, a PEG ratio of 1.98 and a beta of 0.56. The company's 50-day moving average price is $48.31 and its 200 day moving average price is $46.59. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $52.54.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.19 by $0.45. The firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 37.86% and a net margin of 26.19%.Kinetik's quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.33 earnings per share. As a group, equities analysts expect that Kinetik Holdings Inc. will post 0.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently made changes to their positions in KNTK. CWM LLC grew its holdings in shares of Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after buying an additional 352 shares in the last quarter. Signaturefd LLC raised its position in shares of Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company's stock valued at $29,000 after purchasing an additional 404 shares during the period. Kestra Advisory Services LLC bought a new position in shares of Kinetik in the fourth quarter worth about $33,000. Los Angeles Capital Management LLC bought a new position in Kinetik in the 4th quarter worth approximately $40,000. Finally, Huntington National Bank grew its position in 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 purchasing an additional 711 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Royal Bank Of Canada restated an "outperform" rating and set a $56.00 price target on shares of Kinetik in a research note on Tuesday, July 21st. Weiss Ratings upgraded Kinetik from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 6th. Mizuho lifted their price objective on shares of Kinetik from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Tudor Pickering assumed coverage on Kinetik in a research note on Monday, July 20th. They set a "buy" rating and a $57.00 target price for the company. Finally, Citigroup reiterated a "buy" rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $52.07.

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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