Kinetik (NYSE:KNTK) Major Shareholder Sells 58,439 Shares of Stock

Kinetik Holdings Inc. (NYSE:KNTK – Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 58,439 shares of the company’s stock in a transaction on Friday, October 9th. The shares were sold at an average price of $54.21, for a total value of $3,167,978.19. Following the transaction, the insider directly owned 38,378 shares in the company, valued at approximately $2,080,471.38. The trade was a 60.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 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 Monday, October 12th, Isq Global Fund Ii Gp Llc sold 38,377 shares of Kinetik stock. The shares were sold at an average price of $54.19, for a total value of $2,079,649.63.
  • On Thursday, October 8th, Isq Global Fund Ii Gp Llc sold 119,203 shares of Kinetik stock. The stock was sold at an average price of $54.29, for a total value of $6,471,530.87.
  • On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The stock was sold at an average price of $53.79, for a total value of $3,144,778.56.
  • On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The stock was sold at an average price of $54.00, for a total value of $5,106,780.00.
  • On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The shares were sold at an average price of $53.53, for a total transaction of $807,660.64.
  • On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The shares were sold at an average price of $53.55, for a total transaction of $1,295,588.70.
  • On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The shares were sold at an average price of $53.72, for a total transaction of $2,145,415.64.
  • On Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The shares were sold at an average price of $53.59, for a total transaction of $1,152,774.49.
  • On Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The stock was sold at an average price of $54.25, for a total transaction of $7,328,307.00.
  • On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The stock was sold at an average price of $53.84, for a total transaction of $5,867,321.68.

Kinetik Stock Performance

Shares of KNTK traded up $0.94 during mid-day trading on Tuesday, hitting $55.47. 1,618,346 shares of the company traded hands, compared to its average volume of 1,184,037. The stock has a 50-day moving average price of $53.13 and a two-hundred day moving average price of $49.95. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $56.92. The stock has a market cap of $9.01 billion, a price-to-earnings ratio of 20.10, a P/E/G ratio of 1.32 and a beta of 0.61.

Kinetik (NYSE:KNTK – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The firm’s revenue for the quarter was up 36.3% compared to the same quarter last year. On average, analysts forecast that Kinetik Holdings Inc. will post 1.30 EPS for the current year.

Analyst Ratings Changes

KNTK has been the topic of several research analyst reports. Jefferies Financial Group reissued a “hold” rating and set a $56.00 price target on shares of Kinetik in a report on Wednesday, September 9th. Scotiabank restated an “outperform” rating and issued a $58.00 price target (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. Tudor Pickering started coverage on Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective for the company. Truist Financial lifted their price objective on Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Wall Street Zen upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average target price of $54.33.

Check Out Our Latest Report on KNTK

Institutional Trading of Kinetik

Several large investors have recently added to or reduced their stakes in KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in 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. Dimensional Fund Advisors LP raised its position in Kinetik by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after acquiring an additional 8,513 shares during the period. Crawford Investment Counsel Inc. raised its position in Kinetik by 30.5% in the fourth quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company’s stock worth $14,541,000 after acquiring an additional 94,173 shares during the period. NEOS Investment Management LLC boosted its stake in shares of Kinetik by 30.9% during the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after acquiring an additional 92,637 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Kinetik by 107.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company’s stock worth $17,701,000 after acquiring an additional 189,065 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

About Kinetik

(Get Free Report)

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.

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Insider Buying and Selling by Quarter for Kinetik (NYSE:KNTK)

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