Kinetik (NYSE:KNTK) Major Shareholder Sells $9,085,486.02 in Stock

Key Points

• Isq Global Fund II GP LLC sold 183,434 Kinetik shares on April 29 at an average $49.53 for $9.09M, cutting its stake by 15.99% to 963,458 shares, and has been selling in multiple tranches including a prior big sale of 4,000,000 shares on Feb. 26 for $179.4M.
• Kinetik reported a strong earnings beat on Feb. 26 with $2.16 EPS versus a $0.15 consensus and revenue of $430.4M (up 11.5% year-over-year), alongside a reported net margin of 29.23%.
• The stock trades near its 12‑month high (~$49.63), has a market cap of about $8.05B and a P/E of 19.3, and analysts hold a consensus “Moderate Buy” with several recent price-target raises and upgrades.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 183,434 shares of the stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $49.53, for a total value of $9,085,486.02. Following the sale, the insider owned 963,458 shares of the company's stock, valued at approximately $47,720,074.74. This represents a 15.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through 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, April 28th, Isq Global Fund Ii Gp Llc sold 192,041 shares of Kinetik stock. The shares were sold at an average price of $48.56, for a total value of $9,325,510.96.
• On Monday, April 27th, Isq Global Fund Ii Gp Llc sold 868 shares of Kinetik stock. The shares were sold at an average price of $48.01, for a total value of $41,672.68.
• On Wednesday, April 22nd, Isq Global Fund Ii Gp Llc sold 21,429 shares of Kinetik stock. The shares were sold at an average price of $48.02, for a total value of $1,029,020.58.
• On Thursday, April 23rd, Isq Global Fund Ii Gp Llc sold 138,771 shares of Kinetik stock. The shares were sold at an average price of $48.17, for a total value of $6,684,599.07.
• 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 value of $179,400,000.00.

Kinetik Stock Performance

Shares of NYSE KNTK traded up $0.76 during mid-day trading on Wednesday, hitting $49.63. The stock had a trading volume of 861,633 shares, compared to its average volume of 1,280,889. The company has a 50 day moving average of $46.48 and a two-hundred day moving average of $40.38. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $49.73. The firm has a market cap of $8.05 billion, a PE ratio of 19.31, a PEG ratio of 1.51 and a beta of 0.66.

Kinetik (NYSE:KNTK - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $2.01. The firm had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.Kinetik's revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.01 earnings per share. Equities research analysts predict that Kinetik Holdings Inc. will post 1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Kinetik by 9.4% during the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company's stock valued at $183,739,000 after acquiring an additional 439,586 shares during the period. Zimmer Partners LP acquired a new stake in shares of Kinetik during the 4th quarter valued at about $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Kinetik by 1.7% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company's stock valued at $90,720,000 after acquiring an additional 30,600 shares during the period. Cohen & Steers Inc. grew its position in shares of Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company's stock valued at $66,458,000 after acquiring an additional 833,224 shares during the period. Finally, Invesco Ltd. grew its position in shares of Kinetik by 22.4% during the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company's stock valued at $63,997,000 after acquiring an additional 325,251 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Mizuho raised their price target on shares of Kinetik from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Tuesday. Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a research report on Tuesday, April 21st. Royal Bank Of Canada reissued an "outperform" rating and set a $50.00 price target (up from $49.00) on shares of Kinetik in a research report on Thursday, April 16th. Truist Financial started coverage on shares of Kinetik in a report on Tuesday, March 24th. They issued a "buy" rating and a $53.00 price target on the stock. Finally, Wells Fargo & Company raised shares of Kinetik from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $47.00 to $52.00 in a report on Wednesday, March 25th. 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $48.33.

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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