Kinetik (NYSE:KNTK) Major Shareholder Sells $9,325,510.96 in Stock

Key Points

• Isq Global Fund II GP LLC sold 192,041 Kinetik shares on April 28 at an average $48.56 for $9.33M, reducing its stake by 14.34% to 1,146,892 shares; this is part of multiple recent disposals including a Feb. 26 sale of 4,000,000 shares for $179.4M.
• Kinetik reported a big quarterly beat (EPS $2.16 vs. $0.15 estimate) with revenue up 11.5%, its stock traded near a 52-week high around $49.6, and analysts' consensus is a Moderate Buy with an average price target of $48.33 and several firms raising targets to about $51–52.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 192,041 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $48.56, for a total value of $9,325,510.96. Following the completion of the transaction, the insider owned 1,146,892 shares of the company's stock, valued at $55,693,075.52. This represents a 14.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own 10% or more 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 Wednesday, April 29th, Isq Global Fund Ii Gp Llc sold 183,434 shares of Kinetik stock. The stock was sold at an average price of $49.53, for a total value of $9,085,486.02.
• On Monday, April 27th, Isq Global Fund Ii Gp Llc sold 868 shares of Kinetik stock. The stock was 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 stock was 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 stock was 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 stock was sold at an average price of $44.85, for a total value of $179,400,000.00.

Kinetik Stock Performance

Shares of KNTK traded up $0.76 during mid-day trading on Wednesday, reaching $49.63. 861,633 shares of the company were exchanged, compared to its average volume of 1,280,889. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $49.73. The stock has a market capitalization of $8.05 billion, a PE ratio of 19.31, a PEG ratio of 1.51 and a beta of 0.66. The business has a 50 day simple moving average of $46.48 and a two-hundred day simple moving average of $40.38.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The company had revenue of $430.42 million during the quarter. During the same quarter last year, the business earned $0.01 earnings per share. Kinetik's revenue was up 11.5% compared to the same quarter last year. On average, analysts predict that Kinetik Holdings Inc. will post 1.01 EPS for the current year.

Wall Street Analysts Forecast Growth

KNTK has been the subject of a number of analyst reports. Citigroup raised their price objective on Kinetik from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 2nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Kinetik in a research note on Tuesday, April 21st. Mizuho raised their price objective on Kinetik from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Tuesday. Wells Fargo & Company raised Kinetik from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $47.00 to $52.00 in a research note on Wednesday, March 25th. Finally, Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.33.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in shares of Kinetik by 1.7% during the first 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 buying an additional 30,600 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of Kinetik by 9.3% during the first quarter. New York State Teachers Retirement System now owns 22,909 shares of the company's stock valued at $1,109,000 after buying an additional 1,947 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Kinetik by 28.3% during the first quarter. Private Advisor Group LLC now owns 13,528 shares of the company's stock valued at $655,000 after buying an additional 2,985 shares during the last quarter. Essex Financial Services Inc. boosted its position in shares of Kinetik by 2.8% during the first quarter. Essex Financial Services Inc. now owns 19,057 shares of the company's stock valued at $923,000 after buying an additional 515 shares during the last quarter. Finally, North Star Investment Management Corp. purchased a new position in shares of Kinetik during the first quarter valued at approximately $182,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

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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