Insider Selling: Kinetik Holdings Inc. (NASDAQ:KNTK) Major Shareholder Sells $55,004,370.54 in Stock

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large 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 Tuesday, March 4th, Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53.

Kinetik Trading Down 2.0 %

Shares of KNTK stock opened at $52.64 on Friday. The business’s 50 day moving average is $59.49 and its two-hundred day moving average is $55.03. The company has a market capitalization of $8.31 billion, a P/E ratio of 19.42, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a twelve month low of $37.04 and a twelve month high of $67.60.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were issued a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 5.93%. Kinetik’s dividend payout ratio is currently 305.88%.

Wall Street Analyst Weigh In

KNTK has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Scotiabank dropped their price target on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Citigroup raised their price target on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Wells Fargo & Company lowered their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Finally, The Goldman Sachs Group lifted their target price on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Kinetik currently has an average rating of “Moderate Buy” and a consensus price target of $59.63.

Institutional Trading of Kinetik

Several hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Kinetik in the 4th quarter valued at approximately $267,000. Tiptree Advisors LLC acquired a new stake in shares of Kinetik in the 4th quarter valued at approximately $5,387,000. Gould Capital LLC acquired a new stake in shares of Kinetik in the 4th quarter valued at approximately $2,608,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Kinetik by 1.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company’s stock valued at $3,544,000 after buying an additional 738 shares during the period. Finally, Wolverine Trading LLC lifted its holdings in shares of Kinetik by 122.2% in the 4th quarter. Wolverine Trading LLC now owns 10,889 shares of the company’s stock valued at $616,000 after buying an additional 5,989 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.