Key Points
- Major shareholder Isq Global Fund II sold 38,377 Kinetik shares at an average price of $54.19, generating approximately $2.08 million; the sale left the fund with just one share.
- The fund has conducted a series of Kinetik sales in recent weeks, including more than 119,000 shares sold on October 8 and 58,439 shares on October 9.
- Kinetik recently reported better-than-expected quarterly results, with EPS of $0.64 versus a $0.19 consensus estimate and revenue up 36.3% year over year. Analysts maintain a “Moderate Buy” consensus rating with a $54.33 average price target.
Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 38,377 shares of the company's stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $54.19, for a total value of $2,079,649.63. Following the completion of the sale, the insider owned 1 shares of the company's stock, valued at $54.19. This represents a 100.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more 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 Friday, October 9th, Isq Global Fund Ii Gp Llc sold 58,439 shares of Kinetik stock. The shares were sold at an average price of $54.21, for a total value of $3,167,978.19.
- On Thursday, October 8th, Isq Global Fund Ii Gp Llc sold 119,203 shares of Kinetik stock. The shares were sold at an average price of $54.29, for a total value of $6,471,530.87.
- On Wednesday, October 7th, Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock. The stock was sold at an average price of $53.79, for a total value of $3,144,778.56.
- On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The stock was sold at an average price of $54.00, for a total value of $5,106,780.00.
- On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The stock was sold at an average price of $53.53, for a total value of $807,660.64.
- On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The shares were sold at an average price of $53.55, for a total value of $1,295,588.70.
- On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The shares were 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 shares were 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.
Kinetik Stock Performance
Shares of NYSE:KNTK opened at $55.47 on Wednesday. The company has a 50 day moving average price of $53.27 and a two-hundred day moving average price of $50.01. The company has a market capitalization of $9.01 billion, a PE ratio of 18.42, a PEG ratio of 1.35 and a beta of 0.61. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $56.92.
Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period last year, the business posted $0.33 earnings per share. On average, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.30 earnings per share for the current year.
Wall Street Analyst Weigh In
Several analysts recently commented on KNTK shares. Barclays raised their price objective on Kinetik from $51.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Clear Str cut Kinetik from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 17th. Zacks Research upgraded Kinetik from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 23rd. Weiss Ratings raised Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Finally, Scotiabank reaffirmed an "outperform" rating and set a $58.00 price target (up from $52.00) on shares of Kinetik in a research report on Thursday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $54.33.
Get Our Latest Report on KNTK
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company's stock worth $90,720,000 after acquiring an additional 30,600 shares during the period. Dimensional Fund Advisors LP boosted its stake in Kinetik by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company's stock worth $33,285,000 after purchasing an additional 8,513 shares during the period. Crawford Investment Counsel Inc. increased its holdings in Kinetik by 30.5% during the 4th quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company's stock worth $14,541,000 after purchasing an additional 94,173 shares in the last quarter. NEOS Investment Management LLC increased its holdings in Kinetik by 30.9% during the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company's stock worth $18,955,000 after purchasing an additional 92,637 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in shares of Kinetik by 107.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company's stock valued at $17,701,000 after purchasing an additional 189,065 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.
About Kinetik
(
Get Free Report)
Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.
Kinetik's operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.
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