Illinois Municipal Retirement Fund Purchases New Shares in Kinetik Holdings Inc. $KNTK

Illinois Municipal Retirement Fund purchased a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,806 shares of the company’s stock, valued at approximately $847,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KNTK. Comerica Bank lifted its position in shares of Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after acquiring an additional 522 shares during the last quarter. Millennium Management LLC lifted its holdings in Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after acquiring an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Kinetik by 27.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after purchasing an additional 17,034 shares during the last quarter. Finally, Intech Investment Management LLC grew its stake in Kinetik by 14.3% in the 1st quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after purchasing an additional 2,766 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Insider Activity at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider directly owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.83% of the company’s stock.

Kinetik Stock Up 0.5%

NYSE KNTK opened at $44.77 on Friday. The company has a market cap of $7.23 billion, a PE ratio of 106.60, a price-to-earnings-growth ratio of 1.09 and a beta of 0.73. Kinetik Holdings Inc. has a 52 week low of $31.33 and a 52 week high of $60.48. The firm’s 50-day simple moving average is $38.30 and its two-hundred day simple moving average is $38.76.

Wall Street Analysts Forecast Growth

KNTK has been the subject of several research analyst reports. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. The Goldman Sachs Group reduced their price target on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Wolfe Research lowered shares of Kinetik from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 27th. Mizuho set a $48.00 target price on shares of Kinetik in a research note on Wednesday, October 29th. Finally, Royal Bank Of Canada decreased their price target on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $46.00.

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.