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

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares in the company, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large 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 Tuesday, March 4th, Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53.

Kinetik Stock Performance

KNTK stock traded down $1.07 during mid-day trading on Friday, reaching $52.64. 804,771 shares of the stock traded hands, compared to its average volume of 566,046. Kinetik Holdings Inc. has a one year low of $37.65 and a one year high of $67.60. The stock has a market capitalization of $8.31 billion, a PE ratio of 19.42, a PEG ratio of 1.52 and a beta of 2.85. The business has a 50-day moving average price of $59.49 and a two-hundred day moving average price of $55.12.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.93%. The ex-dividend date was Monday, February 3rd. Kinetik's dividend payout ratio (DPR) is 305.88%.

Remove Ads

Analysts Set New Price Targets

Several brokerages recently weighed in on KNTK. Barclays reduced their price target on shares of Kinetik from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. The Goldman Sachs Group boosted their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Wells Fargo & Company reduced their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Finally, Royal Bank of Canada reduced their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Kinetik presently has a consensus rating of "Moderate Buy" and an average target price of $59.63.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of KNTK. Fifth Third Bancorp purchased a new stake in shares of Kinetik during the fourth quarter valued at $26,000. Canton Hathaway LLC purchased a new stake in shares of Kinetik during the fourth quarter valued at $28,000. GAMMA Investing LLC boosted its stake in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after purchasing an additional 213 shares during the period. Rialto Wealth Management LLC purchased a new stake in shares of Kinetik during the fourth quarter valued at $34,000. Finally, Comerica Bank boosted its stake in shares of Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the period. Institutional investors own 21.11% of the company's stock.

Kinetik Company Profile

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.