Kinetik (NYSE:KNTK) Major Shareholder Sells $6,684,599.07 in Stock

Key Points

• Isq Global Fund II GP LLC sold 138,771 Kinetik shares on April 23 at an average of $48.17 for a total of $6,684,599, reducing its stake by 9.39% to 1,339,801 shares (it had previously sold 4,000,000 shares on Feb. 26 for $179.4M).
• Kinetik reported a blockbuster quarter with $2.16 EPS vs. $0.15 expected and $430.4M revenue (revenue +11.5% YoY); the stock trades around $47.46 with a $7.7B market cap and a consensus target of $48.08 (average rating: Moderate Buy).

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 138,771 shares of the firm's stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $48.17, for a total transaction of $6,684,599.07. Following the completion of the transaction, the insider directly owned 1,339,801 shares in the company, valued at approximately $64,538,214.17. This represents a 9.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company's stock 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, February 26th, Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock. The shares were sold at an average price of $44.85, for a total transaction of $179,400,000.00.

Kinetik Stock Down 1.4%

Shares of KNTK stock traded down $0.66 during mid-day trading on Friday, reaching $47.46. The company's stock had a trading volume of 562,786 shares, compared to its average volume of 1,293,996. The company's 50 day simple moving average is $46.10 and its 200-day simple moving average is $40.14. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $49.55. The firm has a market capitalization of $7.70 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 1.58 and a beta of 0.66.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $2.01. The business had revenue of $430.42 million for the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business's revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.01 EPS. As a group, research analysts anticipate that Kinetik Holdings Inc. will post 0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in KNTK. Zimmer Partners LP acquired a new position in Kinetik during the 4th quarter worth $98,611,000. Brave Warrior Advisors LLC acquired a new position in Kinetik during the 3rd quarter worth $68,766,000. Wellington Management Group LLP grew its holdings in Kinetik by 149.6% during the 4th quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company's stock worth $57,983,000 after acquiring an additional 964,130 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Kinetik by 86.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company's stock worth $66,455,000 after acquiring an additional 855,000 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its holdings in shares of Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company's stock valued at $66,458,000 after buying an additional 833,224 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Jefferies Financial Group reissued a "hold" rating and issued a $50.00 price objective (up from $49.00) on shares of Kinetik in a research report on Wednesday, April 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a research report on Tuesday. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Saturday, April 18th. UBS Group decreased their price objective on shares of Kinetik from $49.00 to $48.00 and set a "neutral" rating for the company in a research report on Monday, March 16th. Finally, Truist Financial assumed coverage on shares of Kinetik in a research report on Tuesday, March 24th. They issued a "buy" rating and a $53.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $48.08.

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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