Versor Investments LP Purchases New Position in Kinetik Holdings Inc. $KNTK

Versor Investments LP purchased a new stake in Kinetik Holdings Inc. (NYSE:KNTK) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 19,500 shares of the company’s stock, valued at approximately $833,000.

Other large investors also recently modified their holdings of the company. RR Advisors LLC acquired a new stake in shares of Kinetik in the second quarter valued at approximately $22,471,000. Adage Capital Partners GP L.L.C. bought a new stake in Kinetik in the second quarter valued at about $22,025,000. Chickasaw Capital Management LLC lifted its stake in Kinetik by 63.9% in the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock valued at $46,948,000 after buying an additional 428,103 shares during the period. Bank of America Corp DE boosted its holdings in Kinetik by 109.7% during the second quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock worth $34,196,000 after buying an additional 406,160 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of Kinetik in the 3rd quarter valued at about $9,017,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Trading Down 1.1%

Shares of KNTK opened at $41.79 on Wednesday. The company has a market cap of $6.75 billion, a price-to-earnings ratio of 99.50, a PEG ratio of 1.03 and a beta of 0.73. The company’s fifty day simple moving average is $37.58 and its 200 day simple moving average is $38.73. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $63.47.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on KNTK shares. Citigroup reduced their price objective on shares of Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Scotiabank reissued an “outperform” rating and issued a $48.00 price objective on shares of Kinetik in a research report on Friday, January 16th. Zacks Research lowered shares of Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Raymond James Financial set a $46.00 price objective on shares of Kinetik in a research note on Monday, January 5th. Finally, Wolfe Research cut Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Kinetik presently has an average rating of “Hold” and a consensus price target of $46.00.

Insider Activity

In other news, insider Matthew Wall sold 8,083 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were 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 of the company’s stock, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.83% of the company’s stock.

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.