Kinetik (NYSE:KNTK) Major Shareholder Sells $2,145,415.64 in Stock

by · The Cerbat Gem

Kinetik Holdings Inc. (NYSE:KNTK – Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $53.72, for a total value of $2,145,415.64. Following the completion of the transaction, the insider owned 408,336 shares in the company, valued at $21,935,809.92. This trade represents a 8.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

  • On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The stock was sold at an average price of $53.55, for a total value of $1,295,588.70.
  • 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 value 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 shares were 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 stock was sold at an average price of $55.11, for a total transaction of $258,245.46.
  • On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The stock was sold at an average price of $55.15, for a total transaction of $56,528.75.
  • 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 transaction of $323,477.60.
  • On Wednesday, September 9th, Isq Global Fund Ii Gp Llc sold 4,585 shares of Kinetik stock. The shares were 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 value of $3,219,238.62.

Kinetik Price Performance

NYSE KNTK traded down $0.63 on Thursday, hitting $52.29. 961,975 shares of the company’s stock were exchanged, compared to its average volume of 1,178,283. The firm’s 50-day moving average price is $52.57 and its two-hundred day moving average price is $49.32. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $56.92. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of 18.95, a P/E/G ratio of 1.29 and a beta of 0.57.

Kinetik (NYSE:KNTK – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.19 by $0.45. The business had revenue of $581.44 million during 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 company’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period last year, the firm earned $0.33 EPS. On average, research analysts predict that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of recent analyst reports. Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Kinetik in a research note on Tuesday, August 11th. Tudor Pickering initiated coverage on shares of Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 price target for the company. Raymond James Financial reiterated an “outperform” rating and issued a $55.00 price objective on shares of Kinetik in a research note on Friday, August 7th. Finally, Clear Str downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued 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 target price of $54.00.

View Our Latest Report on KNTK

Institutional Investors Weigh In On Kinetik

A number of large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its position in Kinetik by 19.8% during the second quarter. Tidal Investments LLC now owns 29,777 shares of the company’s stock worth $1,439,000 after acquiring an additional 4,930 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of Kinetik during the 2nd quarter worth approximately $259,000. Integrated Wealth Concepts LLC acquired a new position in shares of Kinetik during the 2nd quarter worth approximately $71,000. NewEdge Advisors LLC lifted its stake in Kinetik by 12.9% in 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 grew its holdings in Kinetik by 28.3% during the 2nd quarter. IFP Advisors Inc now owns 3,101 shares of the company’s stock valued at $150,000 after buying an additional 684 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

About Kinetik

(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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