Kinetik Holdings Inc. $KNTK Stock Holdings Lifted by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in Kinetik Holdings Inc. (NYSE:KNTK) by 1.2% in the third quarter, Holdings Channel reports. The firm owned 1,773,000 shares of the company’s stock after purchasing an additional 21,000 shares during the quarter. Kinetik accounts for about 4.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 6th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Kinetik were worth $89,005,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Signaturefd LLC increased its holdings in Kinetik by 21.3% in the 3rd quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock valued at $86,000 after buying an additional 301 shares during the period. Inspire Investing LLC raised its position in shares of Kinetik by 100.8% in the 3rd quarter. Inspire Investing LLC now owns 27,926 shares of the company’s stock valued at $1,402,000 after buying an additional 14,016 shares in the last quarter. Yousif Capital Management LLC raised its position in shares of Kinetik by 21.3% in the 3rd quarter. Yousif Capital Management LLC now owns 16,013 shares of the company’s stock valued at $804,000 after buying an additional 2,817 shares in the last quarter. Royal Fund Management LLC raised its position in shares of Kinetik by 1.3% in the 3rd quarter. Royal Fund Management LLC now owns 21,876 shares of the company’s stock valued at $1,098,000 after buying an additional 289 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Kinetik by 181.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,321 shares of the company’s stock worth $167,000 after acquiring an additional 2,140 shares during the period. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Up 0.2%

NYSE KNTK opened at $55.80 on Tuesday. The company has a market cap of $9.06 billion, a price-to-earnings ratio of 20.22, a price-to-earnings-growth ratio of 1.24 and a beta of 0.61. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.92. The business’s fifty day moving average is $53.90 and its 200 day moving average is $48.11.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.33 EPS. On average, research analysts anticipate that Kinetik Holdings Inc. will post 1.44 earnings per share for the current fiscal year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the business’s stock in a transaction dated Tuesday, October 13th. The stock was sold at an average price of $54.77, for a total transaction of $109,540,000.00. Following the sale, the insider directly owned 1 shares in the company, valued at approximately $54.77. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 3,931,632 shares of company stock worth $211,967,059 over the last quarter. Company insiders own 3.56% of the company’s stock.

Analyst Ratings Changes

KNTK has been the topic of several analyst reports. Wells Fargo & Company reiterated an “overweight” rating and set a $54.00 price target on shares of Kinetik in a research report on Monday, August 10th. Jefferies Financial Group reissued a “hold” rating and issued a $54.00 price objective (down from $56.00) on shares of Kinetik in a research note on Monday, October 19th. Barclays boosted their price objective on shares of Kinetik from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 13th. Morgan Stanley lowered their price objective on shares of Kinetik from $70.00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. Finally, Tudor Pickering started coverage on Kinetik in a research note on Monday, July 20th. They set a “buy” rating and a $57.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and a consensus target price of $55.47.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.