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 stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the transaction, the insider now directly owns 657,583 shares in the company, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% 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 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 value of $219,873,736.53.

Kinetik Trading Down 1.1 %

NASDAQ:KNTK opened at $53.74 on Friday. Kinetik Holdings Inc. has a 12-month low of $37.04 and a 12-month high of $67.60. The stock has a 50-day moving average price of $59.64 and a 200 day moving average price of $54.98. The stock has a market capitalization of $8.48 billion, a P/E ratio of 19.83, a P/E/G ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 5.81%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio is currently 305.88%.

Institutional Trading of Kinetik

Institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp purchased a new stake in shares of Kinetik during the fourth quarter worth about $26,000. Canton Hathaway LLC purchased a new stake in shares of Kinetik during the fourth quarter worth about $28,000. GAMMA Investing LLC grew its position in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after purchasing an additional 213 shares in the last quarter. Rialto Wealth Management LLC purchased a new stake in shares of Kinetik during the fourth quarter worth about $34,000. Finally, Comerica Bank grew its holdings in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after buying an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on KNTK. Citigroup increased their target price on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Barclays lowered their target price on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. Scotiabank decreased their price objective 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. Royal Bank of Canada decreased their price objective on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. raised their price objective on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.63.

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.