Kinetik (NYSE:KNTK) Major Shareholder Sells $1,029,020.58 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 21,429 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $48.02, for a total value of $1,029,020.58. Following the completion of the transaction, the insider directly owned 1,478,572 shares in the company, valued at approximately $71,001,027.44. This represents a 1.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares 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 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 Trading Down 0.0%

NYSE KNTK opened at $47.46 on Monday. The stock’s 50 day moving average is $46.10 and its 200 day moving average is $40.15. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $49.55. The stock has a market cap of $7.70 billion, a PE ratio of 18.47, a P/E/G ratio of 1.50 and a beta of 0.66.

Kinetik (NYSE:KNTK) last posted 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. 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 for the quarter. During the same period in the prior year, the firm posted $0.01 earnings per share. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, analysts forecast that Kinetik Holdings Inc. will post 1.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KNTK. Truist Financial began coverage on Kinetik in a research note on Tuesday, March 24th. They issued a “buy” rating and a $53.00 price objective on the stock. Jefferies Financial Group reaffirmed a “hold” rating and issued a $50.00 price objective (up from $49.00) on shares of Kinetik in a research note on Wednesday, April 15th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $50.00 price objective (up from $49.00) on shares of Kinetik in a research note on Thursday, April 16th. Citigroup lifted their price objective on Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Wall Street Zen raised Kinetik from a “sell” rating to a “hold” rating in a research note on Sunday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.08.

Institutional Trading of Kinetik

Large investors have recently added to or reduced their stakes in the company. Public Sector Pension Investment Board bought a new position in shares of Kinetik during the 3rd quarter valued at approximately $7,277,000. Principal Financial Group Inc. bought a new position in shares of Kinetik during the 3rd quarter valued at approximately $9,017,000. Advisors Capital Management LLC increased its position in shares of Kinetik by 4.3% during the 3rd quarter. Advisors Capital Management LLC now owns 632,387 shares of the company’s stock valued at $27,028,000 after purchasing an additional 26,103 shares during the last quarter. Fort Washington Investment Advisors Inc. OH increased its position in shares of Kinetik by 90.5% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 61,695 shares of the company’s stock valued at $2,637,000 after purchasing an additional 29,303 shares during the last quarter. Finally, Eagle Global Advisors LLC increased its position in shares of Kinetik by 70.7% during the 3rd quarter. Eagle Global Advisors LLC now owns 449,980 shares of the company’s stock valued at $19,232,000 after purchasing an additional 186,444 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

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.