State of Alaska Department of Revenue Has $1.34 Million Stock Holdings in Kinetik Holdings Inc. $KNTK

State of Alaska Department of Revenue boosted its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 70.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,313 shares of the company’s stock after acquiring an additional 15,367 shares during the period. State of Alaska Department of Revenue’s holdings in Kinetik were worth $1,344,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Brave Warrior Advisors LLC bought a new stake in shares of Kinetik in the 3rd quarter worth approximately $68,766,000. Adage Capital Partners GP L.L.C. bought a new stake in shares of Kinetik during the second quarter valued at approximately $22,025,000. Vanguard Group Inc. increased its position in shares of Kinetik by 9.8% during the third quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company’s stock valued at $199,049,000 after purchasing an additional 416,147 shares during the period. Invesco Ltd. raised its stake in shares of Kinetik by 40.2% in the third quarter. Invesco Ltd. now owns 1,449,965 shares of the company’s stock valued at $61,972,000 after purchasing an additional 415,505 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Kinetik by 109.7% in the second quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock valued at $34,196,000 after purchasing an additional 406,160 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Truist Financial started coverage on shares of Kinetik in a research note on Tuesday, March 24th. They set a “buy” rating and a $53.00 price target on the stock. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Scotiabank upped their target price on shares of Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a research note on Tuesday, March 17th. Finally, UBS Group dropped their price target on shares of Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.08.

Kinetik Price Performance

Shares of KNTK stock opened at $46.59 on Tuesday. The stock’s fifty day simple moving average is $45.61 and its 200 day simple moving average is $39.91. Kinetik Holdings Inc. has a one year low of $31.33 and a one year high of $49.55. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 1.53 and a beta of 0.66.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $2.01. The firm had revenue of $430.42 million during the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.01 earnings per share. On average, research analysts anticipate that Kinetik Holdings Inc. will post 0.98 earnings per share for the current year.

Insider Activity

In other Kinetik news, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $136,396.44. Following the transaction, the insider directly owned 393,382 shares in the company, valued at $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Trevor Howard sold 1,619 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $75,963.48. Following the sale, the insider directly owned 249,795 shares in the company, valued at $11,720,381.40. This represents a 0.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 4,007,748 shares of company stock worth $179,763,536 in the last quarter. 3.83% of the stock is owned by company 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.