Louisiana State Employees Retirement System Invests $978,000 in Kinetik Holdings Inc. $KNTK

Louisiana State Employees Retirement System bought a new position in Kinetik Holdings Inc. (NYSE:KNTK) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 20,200 shares of the company’s stock, valued at approximately $978,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Miller Howard Investments Inc. NY lifted its holdings in shares of Kinetik by 69.4% in the 1st quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock worth $7,083,000 after acquiring an additional 59,942 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Kinetik by 92.6% during the 1st quarter. SG Americas Securities LLC now owns 274,447 shares of the company’s stock valued at $13,286,000 after purchasing an additional 131,971 shares during the last quarter. Invesco Ltd. raised its position in Kinetik by 22.4% in the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after purchasing an additional 325,251 shares during the period. Vident Advisory LLC lifted its stake in Kinetik by 0.8% in the fourth quarter. Vident Advisory LLC now owns 61,246 shares of the company’s stock worth $2,208,000 after purchasing an additional 500 shares during the last quarter. Finally, Yaupon Capital Management LP purchased a new stake in Kinetik during the fourth quarter valued at about $5,698,000. 21.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Jefferies Financial Group reiterated a “hold” rating and issued a $51.00 price objective on shares of Kinetik in a report on Friday, May 8th. Weiss Ratings cut Kinetik from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 18th. Scotiabank restated an “outperform” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Citigroup reaffirmed a “buy” rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Finally, UBS Group lowered their price objective on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.17.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares of the company’s stock, valued at approximately $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 1,071,107 shares of company stock valued at $53,172,463. 3.56% of the stock is currently owned by company insiders.

Kinetik Trading Down 0.1%

Shares of NYSE:KNTK opened at $47.70 on Monday. The company has a 50-day moving average price of $48.00 and a 200-day moving average price of $44.23. The company has a market cap of $7.74 billion, a price-to-earnings ratio of 19.47, a price-to-earnings-growth ratio of 2.46 and a beta of 0.56. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $51.51.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.Kinetik’s revenue was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. As a group, research analysts forecast that Kinetik Holdings Inc. will post 0.62 EPS for the current fiscal year.

Kinetik 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.