State of Alaska Department of Revenue Invests $937,000 in Kinetik Holdings Inc. $KNTK

State of Alaska Department of Revenue purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 21,946 shares of the company’s stock, valued at approximately $937,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KNTK. Chung Wu Investment Group LLC purchased a new stake in shares of Kinetik during the 2nd quarter worth $56,000. Comerica Bank lifted its stake in shares of Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares during the period. Rossby Financial LCC boosted its holdings in Kinetik by 33.5% during the second quarter. Rossby Financial LCC now owns 2,006 shares of the company’s stock worth $88,000 after buying an additional 503 shares in the last quarter. Strs Ohio acquired a new position in Kinetik during the first quarter worth about $93,000. Finally, Ameritas Investment Partners Inc. increased its holdings in Kinetik by 16.8% in the second quarter. Ameritas Investment Partners Inc. now owns 4,526 shares of the company’s stock valued at $199,000 after buying an additional 650 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Up 3.0%

NYSE:KNTK opened at $38.68 on Monday. Kinetik Holdings Inc. has a 12-month low of $31.33 and a 12-month high of $67.60. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 92.10, a price-to-earnings-growth ratio of 0.71 and a beta of 0.73. The company’s 50-day moving average is $35.28 and its two-hundred day moving average is $38.92.

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 analyst estimates of $604.57 million. Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 EPS.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on KNTK shares. The Goldman Sachs Group decreased their price target on Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Royal Bank Of Canada decreased their target price on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Jefferies Financial Group started coverage on Kinetik in a research report on Tuesday, December 2nd. They issued a “buy” rating and a $41.00 price target for the company. Zacks Research lowered shares of Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Finally, Wolfe Research reissued an “outperform” rating and issued a $42.00 price objective on shares of Kinetik in a research note on Friday, November 7th. Eight 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.82.

About Kinetik

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.