Key Points
- Major shareholder Isq Global Fund II GP LLC sold 24,194 Kinetik shares at an average price of $53.55, generating approximately $1.30 million. The sale reduced its ownership by 5.93%, leaving it with 384,142 shares.
- The transaction was part of a broader series of recent sales totaling hundreds of thousands of shares, while Kinetik stock opened at $52.29 and remained near its 52-week high of $56.92.
- Kinetik recently exceeded quarterly earnings and revenue expectations, and analysts maintain a “Moderate Buy” consensus with an average price target of $54.00.
Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 24,194 shares of the firm's stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $53.55, for a total value of $1,295,588.70. Following the completion of the transaction, the insider owned 384,142 shares in the company, valued at approximately $20,570,804.10. This trade represents a 5.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large 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 Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The stock was sold at an average price of $53.72, for a total value of $2,145,415.64.
- On Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The stock was sold at an average price of $53.59, for a total transaction of $1,152,774.49.
- On Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The shares were sold at an average price of $54.25, for a total transaction of $7,328,307.00.
- On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The shares were sold at an average price of $53.84, for a total transaction of $5,867,321.68.
- On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The stock was sold at an average price of $55.06, for a total transaction of $482,986.32.
- On Tuesday, September 15th, Isq Global Fund Ii Gp Llc sold 4,686 shares of Kinetik stock. The shares were sold at an average price of $55.11, for a total value of $258,245.46.
- On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The shares were sold at an average price of $55.15, for a total value of $56,528.75.
- On Thursday, September 10th, Isq Global Fund Ii Gp Llc sold 5,840 shares of Kinetik stock. The shares were sold at an average price of $55.39, for a total value of $323,477.60.
- On Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The stock was sold at an average price of $55.19, for a total value of $253,046.15.
- On Tuesday, September 8th, Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock. The stock was sold at an average price of $55.14, for a total value of $3,219,238.62.
Kinetik Stock Performance
KNTK stock opened at $52.29 on Friday. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $56.92. The firm has a market cap of $8.49 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57. The stock has a 50-day simple moving average of $52.62 and a 200-day simple moving average of $49.36.
Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.Kinetik's revenue for the quarter was up 36.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS. On average, equities research analysts predict that Kinetik Holdings Inc. will post 1.3 EPS for the current year.
Hedge Funds Weigh In On Kinetik
A number of hedge funds have recently bought and sold shares of KNTK. Allworth Financial LP lifted its holdings in Kinetik by 72.4% during the 2nd quarter. Allworth Financial LP now owns 569 shares of the company's stock worth $28,000 after buying an additional 239 shares during the last quarter. Huntington National Bank raised its stake in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company's stock worth $44,000 after acquiring an additional 711 shares during the period. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Kinetik during the 4th quarter worth approximately $47,000. Hantz Financial Services Inc. lifted its holdings in shares of Kinetik by 481.7% in the 4th quarter. Hantz Financial Services Inc. now owns 1,943 shares of the company's stock worth $70,000 after purchasing an additional 1,609 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Kinetik during the 2nd quarter valued at approximately $71,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
KNTK has been the topic of a number of recent research reports. Wells Fargo & Company reissued an "overweight" rating and set a $54.00 target price on shares of Kinetik in a research report on Monday, August 10th. Truist Financial upped their target price on shares of Kinetik from $53.00 to $59.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Zacks Research lowered shares of Kinetik from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 25th. Raymond James Financial reaffirmed an "outperform" rating and set a $55.00 price target on shares of Kinetik in a research note on Friday, August 7th. Finally, Citigroup reiterated a "buy" rating and issued a $55.00 price objective (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Kinetik presently has an average rating of "Moderate Buy" and a consensus target price of $54.00.
Check Out Our Latest Analysis on KNTK
Kinetik Company Profile
(
Get Free Report)
Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company's operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.
Kinetik's services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.
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