Insider Selling: Kinetik Holdings Inc. (NASDAQ:KNTK) Major Shareholder Sells $219,873,736.53 in Stock

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the transaction, the insider now directly owns 1,044,520 shares in the company, valued at $58,106,647.60. This trade represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Major 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 Kinetik stock opened at $51.21 on Friday. The business’s 50 day simple moving average is $60.71 and its 200 day simple moving average is $54.48. Kinetik Holdings Inc. has a 52-week low of $35.19 and a 52-week high of $67.60. The firm has a market cap of $8.07 billion, a PE ratio of 18.90, 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. Stockholders of record on Monday, February 3rd were paid a dividend of $0.78 per share. The ex-dividend date of this dividend 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

A number of brokerages have recently issued reports on KNTK. Scotiabank dropped their target price on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Wells Fargo & Company lowered their price objective 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. Citigroup boosted their price target on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, The Goldman Sachs Group boosted their price target on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $58.25.

Institutional Trading of Kinetik

Institutional investors have recently added to or reduced their stakes in the company. Versor Investments LP acquired a new position in Kinetik in the 3rd quarter valued at $543,000. Barclays PLC raised its holdings in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after acquiring an additional 60,058 shares in the last quarter. Principal Financial Group Inc. acquired a new position in Kinetik in the 3rd quarter valued at $921,000. Allspring Global Investments Holdings LLC raised its holdings in Kinetik by 14,124.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after acquiring an additional 13,842 shares in the last quarter. Finally, Eos Management L.P. raised its holdings in Kinetik by 84.9% in the 3rd quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock valued at $1,222,000 after acquiring an additional 12,400 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

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.