Rhumbline Advisers Increases Stock Holdings in Kinetik Holdings Inc. $KNTK

Rhumbline Advisers increased its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 86.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 127,105 shares of the company’s stock after buying an additional 59,042 shares during the quarter. Rhumbline Advisers’ holdings in Kinetik were worth $5,432,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Westwood Holdings Group Inc. boosted its holdings in Kinetik by 4.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock worth $51,930,000 after acquiring an additional 52,058 shares during the last quarter. Chickasaw Capital Management LLC lifted its position in shares of Kinetik by 63.9% during the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock valued at $46,948,000 after purchasing an additional 428,103 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in shares of Kinetik by 26.9% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 988,400 shares of the company’s stock valued at $42,244,000 after purchasing an additional 209,400 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Kinetik by 8.2% during the second quarter. Geode Capital Management LLC now owns 967,950 shares of the company’s stock worth $42,643,000 after purchasing an additional 73,665 shares during the last quarter. Finally, Bank of America Corp DE grew its position in 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. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Trading Down 1.7%

Kinetik stock opened at $44.80 on Tuesday. The business’s 50 day simple moving average is $38.66 and its 200 day simple moving average is $38.75. Kinetik Holdings Inc. has a 12 month low of $31.33 and a 12 month high of $59.74. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 106.67, a PEG ratio of 1.11 and a beta of 0.73.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Mizuho set a $48.00 price objective on shares of Kinetik in a research note on Wednesday, October 29th. The Goldman Sachs Group reduced their target price on Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a report on Monday, November 17th. Wolfe Research lowered Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Scotiabank restated an “outperform” rating and issued a $48.00 price objective on shares of Kinetik in a research note on Friday, January 16th. Finally, Royal Bank Of Canada decreased their target price on Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $46.00.

Insider Activity at Kinetik

In other news, insider Matthew Wall sold 8,083 shares of the 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 owned 554,738 shares in the company, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.83% of the stock is owned by corporate insiders.

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.