Insider Selling: Kinetik Holdings Inc. (NYSE:KNTK) Major Shareholder Sells $188,213,894.40 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider now owns 1 shares of the company’s stock, valued at approximately $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large 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 Monday, March 17th, Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $44.05 on Monday. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 46.37 and a beta of 3.05. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60. The stock’s 50 day moving average price is $43.87 and its 200 day moving average price is $53.25.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to analysts’ expectations of $466.54 million. The business’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were given a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.08%. Kinetik’s dividend payout ratio (DPR) is 328.42%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Comerica Bank raised its stake in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after purchasing an additional 195 shares during the period. Private Advisor Group LLC raised its stake in Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock valued at $502,000 after purchasing an additional 448 shares during the period. Canton Hathaway LLC acquired a new stake in Kinetik during the 4th quarter valued at $28,000. Swiss National Bank raised its stake in Kinetik by 0.7% during the 4th quarter. Swiss National Bank now owns 76,300 shares of the company’s stock valued at $4,327,000 after purchasing an additional 500 shares during the period. Finally, AQR Capital Management LLC raised its stake in Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after purchasing an additional 522 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Ratings Changes

KNTK has been the topic of a number of recent analyst reports. Scotiabank lifted their price target on Kinetik from $54.00 to $57.00 and gave the company a “sector outperform” rating in a report on Thursday. Mizuho cut their price target on Kinetik from $70.00 to $61.00 and set an “outperform” rating on the stock in a report on Tuesday, May 20th. Barclays set a $48.00 price target on Kinetik and gave the company an “equal weight” rating in a report on Tuesday, May 20th. Wells Fargo & Company cut their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Finally, Royal Bank of Canada dropped their target price on Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.