Isq Global Fund Ii Gp Llc Sells 3,952,431 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) Stock

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Kinetik Stock Performance

Shares of KNTK stock opened at $51.21 on Friday. Kinetik Holdings Inc. has a 52-week low of $35.19 and a 52-week high of $67.60. The company has a market capitalization of $8.07 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. The business’s fifty day moving average is $60.71 and its 200 day moving average is $54.48.

Kinetik Dividend Announcement

The business also recently disclosed 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 6.09%. Kinetik’s dividend payout ratio is currently 305.88%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on KNTK shares. Wells Fargo & Company cut their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. Citigroup upped their target price on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. The Goldman Sachs Group upped their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. 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. Finally, JPMorgan Chase & Co. upped 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. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average price target of $58.25.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of KNTK. Janney Montgomery Scott LLC bought a new stake in shares of Kinetik in the third quarter worth about $3,558,000. Harbor Capital Advisors Inc. grew its stake in shares of Kinetik by 132.1% in the third quarter. Harbor Capital Advisors Inc. now owns 8,914 shares of the company’s stock worth $403,000 after purchasing an additional 5,073 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Kinetik by 73.4% in the third quarter. Van ECK Associates Corp now owns 24,527 shares of the company’s stock worth $1,110,000 after purchasing an additional 10,384 shares during the last quarter. Principal Financial Group Inc. bought a new stake in shares of Kinetik in the third quarter worth about $921,000. Finally, Covestor Ltd grew its stake in shares of Kinetik by 13,790.0% in the third quarter. Covestor Ltd now owns 4,167 shares of the company’s stock worth $189,000 after purchasing an additional 4,137 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.