Kinetik (NYSE:KNTK) Major Shareholder Sells 84,701 Shares

Key Points

• Major shareholder Isq Global Fund II GP LLC sold 84,701 Kinetik shares for approximately $4.36 million at an average price of $51.52, reducing its ownership by 5.89% to 1.35 million shares. The shareholder also reported five other sales during the preceding days.
• Kinetik reported quarterly EPS of $0.64, well above the $0.19 analyst consensus, while revenue rose 36.3% year over year to $581.44 million.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $52.87; recent targets range as high as $59. KNTK shares traded near $51.22, close to their 12-month high of $52.69.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 84,701 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $51.52, for a total value of $4,363,795.52. Following the completion of the sale, the insider owned 1,354,129 shares in the company, valued at approximately $69,764,726.08. The trade was a 5.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own 10% or more 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 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 value of $3,991,972.38.
• On Friday, August 7th, Isq Global Fund Ii Gp Llc sold 26,550 shares of Kinetik stock. The shares were 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 stock was sold at an average price of $50.04, for a total value of $108,837.00.

Kinetik Price Performance

Shares of KNTK stock traded up $0.11 during trading hours on Wednesday, reaching $51.22. 671,949 shares of the stock were exchanged, compared to its average volume of 1,067,033. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $52.69. The business's fifty day moving average is $48.64 and its two-hundred day moving average is $46.90. The firm has a market capitalization of $8.32 billion, a P/E ratio of 17.27, a P/E/G ratio of 1.69 and a beta of 0.56.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.45. The company had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company's quarterly revenue was up 36.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. As a group, equities research analysts predict that Kinetik Holdings Inc. will post 0.97 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on KNTK shares. JPMorgan Chase & Co. increased their price target on shares of Kinetik from $54.00 to $57.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Citigroup reiterated a "buy" rating and set a $55.00 target price (up from $52.00) on shares of Kinetik in a research report on Tuesday. Truist Financial increased their target price on Kinetik from $53.00 to $59.00 and gave the stock a "buy" rating in a research note on Wednesday. Zacks Research raised Kinetik from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Finally, Mizuho lifted their price target on Kinetik from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $52.87.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently bought and sold shares of KNTK. Miller Howard Investments Inc. NY increased its position in Kinetik by 69.4% during the first quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company's stock worth $7,083,000 after purchasing an additional 59,942 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company's stock worth $183,739,000 after purchasing an additional 439,586 shares in the last quarter. Infrastructure Capital Advisors LLC purchased a new stake in Kinetik during the 4th quarter worth $9,323,000. HighTower Advisors LLC raised its position in shares of Kinetik by 33.1% in the 4th quarter. HighTower Advisors LLC now owns 102,906 shares of the company's stock valued at $3,710,000 after purchasing an additional 25,574 shares in the last quarter. Finally, Jennison Associates LLC increased its position in shares of Kinetik by 33.0% in the 4th quarter. Jennison Associates LLC now owns 270,126 shares of the company's stock worth $9,738,000 after purchasing an additional 66,992 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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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