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

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 21,429 shares of the company's stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $48.02, for a total transaction of $1,029,020.58. Following the completion of the transaction, the insider owned 1,478,572 shares of the company's stock, valued at approximately $71,001,027.44. This trade represents a 1.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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.

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 transaction 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 transaction of $179,400,000.00.

Kinetik Trading Down 1.4%

NYSE KNTK opened at $47.46 on Friday. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $49.55. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 1.52 and a beta of 0.66. The company has a 50-day moving average price of $46.10 and a two-hundred day moving average price of $40.14.

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Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported $2.16 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 firm had revenue of $430.42 million during the quarter. During the same quarter last year, the company posted $0.01 EPS. Kinetik's revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities research analysts expect that Kinetik Holdings Inc. will post 1.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

KNTK has been the subject of several recent analyst reports. Citigroup increased their price objective on shares of Kinetik from $46.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 2nd. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a report on Saturday, April 18th. UBS Group decreased their price objective on shares of Kinetik from $49.00 to $48.00 and set a "neutral" rating for the company in a report on Monday, March 16th. Wolfe Research cut shares of Kinetik from an "outperform" rating to a "peer perform" rating in a report on Tuesday, January 27th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $50.00 price objective (up from $49.00) on shares of Kinetik in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.08.

Get Our Latest Report on KNTK

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in KNTK. Zimmer Partners LP bought a new position in shares of Kinetik in the fourth quarter valued at approximately $98,611,000. Brave Warrior Advisors LLC bought a new stake in Kinetik during the third quarter worth approximately $68,766,000. Wellington Management Group LLP boosted its holdings in Kinetik by 149.6% during the fourth quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company's stock worth $57,983,000 after buying an additional 964,130 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Kinetik by 86.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company's stock worth $66,455,000 after buying an additional 855,000 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its holdings in Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company's stock worth $66,458,000 after buying an additional 833,224 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

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.

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