CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Raises Holdings in Kinetik Holdings Inc. $KNTK

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Kinetik Holdings Inc. (NYSE:KNTK) by 86.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,843,400 shares of the company’s stock after purchasing an additional 855,000 shares during the period. Kinetik makes up approximately 3.8% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 10th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Kinetik were worth $66,455,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of KNTK. Brave Warrior Advisors LLC bought a new stake in shares of Kinetik in the third quarter valued at about $68,766,000. Adage Capital Partners GP L.L.C. bought a new stake in shares of Kinetik in the second quarter valued at about $22,025,000. Vanguard Group Inc. lifted its holdings in shares of Kinetik by 9.8% in 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 in the last quarter. Invesco Ltd. lifted its holdings 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 lifted its holdings 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. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Performance

KNTK opened at $46.59 on Friday. Kinetik Holdings Inc. has a 52-week low of $31.33 and a 52-week high of $49.55. The firm has a market capitalization of $7.55 billion, a PE ratio of 18.13, a PEG ratio of 1.56 and a beta of 0.66. The business’s 50-day simple moving average is $45.52 and its 200 day simple moving average is $39.87.

Kinetik (NYSE:KNTK) last released its earnings results 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. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The business had revenue of $430.42 million for the quarter. During the same quarter in the previous year, the company posted $0.01 EPS. The business’s revenue was up 11.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of research reports. Wolfe Research lowered Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Wells Fargo & Company upgraded Kinetik from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $47.00 to $52.00 in a report on Wednesday, March 25th. Citigroup boosted their price target on Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Raymond James Financial set a $46.00 target price on Kinetik in a report on Monday, January 5th. Finally, Scotiabank upped their target price on Kinetik from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and an average target price of $48.08.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the transaction, the insider owned 1 shares of the company’s stock, valued at $44.85. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Matthew Wall sold 3,222 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the sale, the insider owned 585,556 shares in the company, valued at $27,474,287.52. This represents a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 4,007,748 shares of company stock worth $179,763,536. 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.