Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $179,400,000.00 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $44.85, for a total value of $179,400,000.00. Following the transaction, the insider owned 1 shares of the company’s stock, valued at approximately $44.85. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Kinetik Price Performance

Shares of KNTK opened at $45.52 on Thursday. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $55.16. The company has a market capitalization of $7.36 billion, a P/E ratio of 17.71, a P/E/G ratio of 1.13 and a beta of 0.70. The firm’s 50 day simple moving average is $40.22 and its 200 day simple moving average is $38.98.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. The business had revenue of $430.42 million during the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. Kinetik’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.01 EPS.

Wall Street Analyst Weigh In

KNTK has been the subject of several research analyst reports. Wells Fargo & Company lifted their price target on Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Scotiabank reissued an “outperform” rating and set a $48.00 price objective on shares of Kinetik in a report on Friday, January 16th. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. The Goldman Sachs Group reduced their price target on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Finally, Royal Bank Of Canada lowered their price objective on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $45.18.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently bought and sold shares of KNTK. CWM LLC boosted its holdings in shares of Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after acquiring an additional 352 shares during the last quarter. Signaturefd LLC lifted its position in Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after purchasing an additional 404 shares during the period. Kestra Advisory Services LLC acquired a new position in Kinetik during the fourth quarter valued at $33,000. Los Angeles Capital Management LLC purchased a new stake in Kinetik in the fourth quarter valued at $40,000. Finally, Huntington National Bank grew its position in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.