Kinetik (NYSE:KNTK) Major Shareholder Sells $6,684,599.07 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 138,771 shares of the firm’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $48.17, for a total transaction of $6,684,599.07. Following the completion of the sale, the insider owned 1,339,801 shares in the company, valued at approximately $64,538,214.17. The trade was a 9.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through 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 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 transaction of $1,029,020.58.
• On Thursday, February 26th, Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock. The shares were sold at an average price of $44.85, for a total transaction of $179,400,000.00.

Kinetik Price Performance

Shares of Kinetik stock opened at $47.46 on Monday. The firm has a fifty day moving average price of $46.10 and a two-hundred day moving average price of $40.15. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $49.55. The company has a market cap of $7.70 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 1.50 and a beta of 0.66.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company had revenue of $430.42 million for the quarter. During the same quarter in the previous year, the firm posted $0.01 EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. Analysts expect that Kinetik Holdings Inc. will post 1.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a report on Thursday, March 26th. Wall Street Zen upgraded shares of Kinetik from a “sell” rating to a “hold” rating in a report on Sunday. Truist Financial assumed coverage on shares of Kinetik in a report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price objective on the stock. Jefferies Financial Group restated a “hold” rating and set a $50.00 price objective (up from $49.00) on shares of Kinetik in a report on Wednesday, April 15th. Finally, UBS Group reduced their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.08.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC lifted its position in Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares during the period. Signaturefd LLC lifted its position in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares during the period. Kestra Advisory Services LLC bought a new position in Kinetik in the fourth quarter worth $33,000. Los Angeles Capital Management LLC bought a new position in Kinetik in the fourth quarter worth $40,000. Finally, Huntington National Bank lifted its position in Kinetik by 139.1% in the fourth 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 institutional investors.

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.