Louisiana State Employees Retirement System Invests $859,000 in Kinetik Holdings Inc. $KNTK

Louisiana State Employees Retirement System acquired a new position in Kinetik Holdings Inc. (NYSE:KNTK) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 20,100 shares of the company’s stock, valued at approximately $859,000.

Other large investors also recently added to or reduced their stakes in the company. RR Advisors LLC purchased a new stake in Kinetik during the second quarter valued at approximately $22,471,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Kinetik during the 2nd quarter worth $22,025,000. Chickasaw Capital Management LLC grew its position in shares of Kinetik by 63.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock valued at $46,948,000 after acquiring an additional 428,103 shares during the period. Bank of America Corp DE increased its stake in shares of Kinetik by 109.7% in the 2nd quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock worth $34,196,000 after purchasing an additional 406,160 shares in the last quarter. Finally, Squarepoint Ops LLC increased its stake in shares of Kinetik by 1,483.0% in the 2nd quarter. Squarepoint Ops LLC now owns 224,006 shares of the company’s stock worth $9,867,000 after purchasing an additional 209,855 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Up 0.6%

NYSE:KNTK opened at $37.43 on Thursday. The business’s 50-day simple moving average is $35.14 and its two-hundred day simple moving average is $39.04. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $67.60. The stock has a market cap of $6.05 billion, a PE ratio of 89.12, a P/E/G ratio of 0.69 and a beta of 0.73.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The business had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. During the same period last year, the company earned $0.35 EPS. The business’s revenue was up 17.1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Jefferies Financial Group initiated coverage on Kinetik in a research report on Tuesday, December 2nd. They set a “buy” rating and a $41.00 target price on the stock. Mizuho set a $48.00 price objective on Kinetik in a research note on Wednesday, October 29th. Zacks Research cut Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Raymond James Financial set a $46.00 price objective on Kinetik in a research note on Monday, January 5th. Finally, Citigroup reduced their target price on shares of Kinetik from $55.00 to $46.00 and set a “buy” rating for the company in a report on Friday, November 21st. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.55.

Insider Activity at Kinetik

In related news, insider Jamie Welch acquired 8,000 shares of Kinetik stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the completion of the transaction, the insider directly owned 3,687,791 shares in the company, valued at approximately $127,486,934.87. This represents a 0.22% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total transaction of $291,392.15. Following the completion of the transaction, the insider directly owned 554,738 shares in the company, valued at $19,998,304.90. This trade represents a 1.44% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 3.83% of the company’s stock.

Kinetik Company Profile

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.