Kinetik (NYSE:KNTK) Major Shareholder Sells 1,025 Shares

by · The Cerbat Gem

Kinetik Holdings Inc. (NYSE:KNTK – Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 1,025 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $55.15, for a total value of $56,528.75. Following the transaction, the insider directly owned 727,303 shares in the company, valued at approximately $40,110,760.45. This trade represents a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares 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, 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 value 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 transaction of $258,245.46.
  • On Thursday, September 10th, Isq Global Fund Ii Gp Llc sold 5,840 shares of Kinetik stock. The stock was 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 transaction of $253,046.15.
  • On Tuesday, September 8th, Isq Global Fund Ii Gp Llc sold 58,383 shares of Kinetik stock. The shares were sold at an average price of $55.14, for a total transaction of $3,219,238.62.
  • On Tuesday, September 1st, Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik stock. The shares were sold at an average price of $55.06, for a total transaction of $2,501,265.68.
  • On Wednesday, August 26th, Isq Global Fund Ii Gp Llc sold 76,260 shares of Kinetik stock. The stock was sold at an average price of $55.28, for a total transaction of $4,215,652.80.
  • On Friday, August 21st, Isq Global Fund Ii Gp Llc sold 6,963 shares of Kinetik stock. The stock was sold at an average price of $55.17, for a total value of $384,148.71.
  • On Tuesday, August 18th, Isq Global Fund Ii Gp Llc sold 64,898 shares of Kinetik stock. The shares were sold at an average price of $54.32, for a total value of $3,525,259.36.
  • On Thursday, August 20th, Isq Global Fund Ii Gp Llc sold 3,107 shares of Kinetik stock. The shares were sold at an average price of $55.07, for a total value of $171,102.49.

Kinetik Trading Down 1.5%

Shares of KNTK traded down $0.83 on Wednesday, reaching $53.87. 1,568,378 shares of the company’s stock traded hands, compared to its average volume of 1,002,639. The stock’s 50 day simple moving average is $52.17 and its two-hundred day simple moving average is $49.06. The stock has a market cap of $8.75 billion, a PE ratio of 19.52, a PEG ratio of 1.35 and a beta of 0.57. 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 quarterly earnings data 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 business had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business’s revenue was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share. Analysts forecast that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Hedge Funds Weigh In On Kinetik

Several large investors have recently modified their holdings of the business. Tidal Investments LLC lifted its stake in shares of Kinetik by 19.8% during the 2nd quarter. Tidal Investments LLC now owns 29,777 shares of the company’s stock valued at $1,439,000 after buying an additional 4,930 shares in the last quarter. Engineers Gate Manager LP bought a new stake in Kinetik during the second quarter valued at approximately $259,000. Integrated Wealth Concepts LLC purchased a new position in Kinetik in the 2nd quarter worth approximately $71,000. NewEdge Advisors LLC raised its position in shares of Kinetik by 12.9% during the 2nd quarter. NewEdge Advisors LLC now owns 46,187 shares of the company’s stock valued at $2,233,000 after buying an additional 5,269 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in shares of Kinetik by 28.3% during the 2nd quarter. IFP Advisors Inc now owns 3,101 shares of the company’s stock worth $150,000 after acquiring an additional 684 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on KNTK shares. Raymond James Financial reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of Kinetik in a research report on Friday, August 7th. Scotiabank restated an “outperform” rating and set a $58.00 price target (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. Truist Financial raised their price target on shares of Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Zacks Research cut shares of Kinetik from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price objective (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Check Out Our Latest Report on Kinetik

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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