Louisiana State Employees Retirement System Makes New $859,000 Investment in Kinetik Holdings Inc. $KNTK

Louisiana State Employees Retirement System acquired a new stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 20,100 shares of the company’s stock, valued at approximately $859,000.

Several other large investors have also recently made changes to their positions in the company. Chung Wu Investment Group LLC purchased a new stake in shares of Kinetik in the second quarter worth about $56,000. Comerica Bank increased its stake in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after acquiring an additional 732 shares during the last quarter. Rossby Financial LCC raised its holdings in shares of Kinetik by 33.5% during the 2nd quarter. Rossby Financial LCC now owns 2,006 shares of the company’s stock worth $88,000 after acquiring an additional 503 shares in the last quarter. Strs Ohio bought a new position in shares of Kinetik during the 1st quarter valued at approximately $93,000. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Kinetik by 16.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,526 shares of the company’s stock valued at $199,000 after acquiring an additional 650 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

Kinetik Trading Up 0.6%

Kinetik stock opened at $37.43 on Thursday. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $67.60. The firm has a 50-day moving average price of $35.14 and a 200-day moving average price of $39.04. The firm has a market capitalization of $6.05 billion, a PE ratio of 89.12, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73.

Kinetik (NYSE:KNTK) last posted 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). The firm had revenue of $463.97 million during the quarter, compared to analysts’ expectations of $604.57 million. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period last year, the company earned $0.35 earnings per share.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on KNTK shares. Scotiabank reduced their price target on shares of Kinetik from $51.00 to $45.00 and set a “sector outperform” rating on the stock in a research report on Thursday, November 13th. Wolfe Research restated an “outperform” rating and issued a $42.00 target price on shares of Kinetik in a report on Friday, November 7th. Citigroup lowered their price target 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. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Finally, Mizuho set a $48.00 price objective on Kinetik in a research report on Wednesday, October 29th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.55.

Insider Buying and Selling

In other news, insider Matthew Wall sold 8,083 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the sale, the insider directly owned 554,738 shares in the company, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jamie Welch purchased 8,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average cost of $34.57 per share, with a total value of $276,560.00. Following the completion of the purchase, the insider directly owned 3,687,791 shares in the company, valued at $127,486,934.87. The trade was a 0.22% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 3.83% of the company’s stock.

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.