Isq Global Fund Ii Gp Llc Sells 1,044,519 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) Stock

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. The trade was a 61.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 Stock Down 1.1 %

Shares of KNTK stock opened at $53.74 on Friday. Kinetik Holdings Inc. has a twelve month low of $37.04 and a twelve month high of $67.60. The stock has a market cap of $8.48 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.52 and a beta of 2.85. The business’s fifty day moving average is $59.64 and its 200 day moving average is $54.98.

Kinetik Announces Dividend

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

Analyst Upgrades and Downgrades

KNTK has been the subject of several recent research reports. Royal Bank of Canada reduced their target price on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. The Goldman Sachs Group boosted 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. Scotiabank reduced their target price 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. Wells Fargo & Company reduced 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, JPMorgan Chase & Co. boosted their target price on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.63.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently modified their holdings of the stock. Westwood Holdings Group Inc. lifted its holdings in shares of Kinetik by 78.3% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock valued at $61,429,000 after purchasing an additional 475,606 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Kinetik by 8,475.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock valued at $24,442,000 after purchasing an additional 425,977 shares in the last quarter. Prudential Financial Inc. lifted its holdings in shares of Kinetik by 391.1% during the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock valued at $22,250,000 after purchasing an additional 312,458 shares in the last quarter. Merewether Investment Management LP lifted its holdings in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Kinetik during the fourth quarter valued at $11,241,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.