Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Purchased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 10.5% during the 4th quarter, HoldingsChannel reports. The firm owned 440,000 shares of the company’s stock after acquiring an additional 41,864 shares during the period. Kinetik accounts for 1.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 18th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Kinetik were worth $24,952,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of KNTK. GAMMA Investing LLC raised its stake in shares of Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after buying an additional 213 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in Kinetik in the third quarter worth $46,000. Ballentine Partners LLC acquired a new stake in Kinetik in the fourth quarter valued at $212,000. CWM LLC boosted its position in shares of Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after purchasing an additional 2,699 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Barclays boosted their price objective on shares of Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Scotiabank lowered their price target on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a report on Tuesday. Mizuho lifted their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. upped their target price on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Finally, Citigroup lifted their price target on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.25.

Kinetik Stock Up 0.8 %

Shares of NASDAQ:KNTK opened at $66.35 on Friday. The company has a market capitalization of $10.45 billion, a P/E ratio of 24.48, a P/E/G ratio of 1.80 and a beta of 2.91. The stock’s fifty day simple moving average is $59.32 and its 200-day simple moving average is $50.65. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $67.60.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. Kinetik’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.21 earnings per share. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.35 earnings per share for the current year.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd will be issued a $0.78 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 4.70%. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Kinetik Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.