Key Points
- Isq Global Fund II GP LLC sold 4,000,000 shares of Kinetik at an average price of $44.85 (about $179.4 million) on Feb. 26, leaving the holder with a single share and representing a 100% reduction in its position, per an SEC filing.
- Kinetik beat quarterly expectations, reporting $2.16 EPS vs. $0.15 expected and revenue of $430.4 million (up 11.5% year-over-year), though the company showed a negative return on equity (-32.7%).
- The stock trades in the mid-$40s (opened $46.95), has a market cap of $7.59 billion and a PE of 18.27, and carries an average analyst rating of "Hold" with an average price target of $45.18.
Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $44.85, for a total value of $179,400,000.00. Following the completion of the transaction, the insider directly owned 1 shares in the company, valued at approximately $44.85. This trade represents a 100.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Kinetik Trading Up 3.2%
NYSE KNTK opened at $46.95 on Tuesday. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $59.22. The stock has a 50-day simple moving average of $39.80 and a 200 day simple moving average of $38.90. The company has a market capitalization of $7.59 billion, a PE ratio of 18.27, a P/E/G ratio of 1.11 and a beta of 0.69.
Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, beating 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 during the quarter. During the same period last year, the company earned $0.01 earnings per share. The business's revenue was up 11.5% compared to the same quarter last year.
Hedge Funds Weigh In On Kinetik
Large investors have recently modified their holdings of the business. CWM LLC increased its holdings in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company's stock worth $27,000 after buying an additional 352 shares during the last quarter. Signaturefd LLC increased its position in Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company's stock worth $29,000 after buying an additional 404 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Kinetik in the fourth quarter valued at approximately $33,000. Los Angeles Capital Management LLC bought a new position in shares of Kinetik during the 4th quarter worth approximately $40,000. Finally, Huntington National Bank raised its stake in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company's stock valued at $44,000 after acquiring an additional 711 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts recently commented on KNTK shares. Citigroup raised their price objective on Kinetik from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Monday. Zacks Research lowered Kinetik from a "hold" rating to a "strong sell" rating in a research report on Monday, January 5th. Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a research note on Thursday, January 22nd. Raymond James Financial set a $46.00 target price on shares of Kinetik in a report on Monday, January 5th. Finally, Wells Fargo & Company upped their price target on shares of Kinetik from $40.00 to $44.00 and gave the company an "equal weight" rating in a report on Friday. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $45.18.
View Our Latest Research Report on Kinetik
About Kinetik
(
Get Free Report)
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.
Further Reading
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