CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases 209,400 Shares of Kinetik Holdings Inc. $KNTK

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Kinetik Holdings Inc. (NYSE:KNTK) by 26.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 988,400 shares of the company’s stock after acquiring an additional 209,400 shares during the period. Kinetik comprises 2.4% 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 owned about 0.61% of Kinetik worth $42,244,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of KNTK. Chickasaw Capital Management LLC lifted its position in shares of Kinetik by 63.9% in the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after purchasing an additional 428,103 shares in the last quarter. Interval Partners LP acquired a new stake in Kinetik in the 1st quarter valued at $1,498,000. Westwood Holdings Group Inc. lifted its position in Kinetik by 4.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock worth $51,930,000 after buying an additional 52,058 shares in the last quarter. Hardy Reed LLC acquired a new position in shares of Kinetik during the 2nd quarter worth about $296,000. Finally, TD Asset Management Inc acquired a new position in shares of Kinetik during the 2nd quarter worth about $1,750,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. The Goldman Sachs Group dropped their target price on Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Scotiabank dropped their price objective on Kinetik from $51.00 to $45.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. Jefferies Financial Group started coverage on shares of Kinetik in a research report on Tuesday, December 2nd. They set a “buy” rating and a $41.00 price target on the stock. Finally, Barclays decreased their price objective on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.27.

Kinetik Trading Up 0.6%

KNTK opened at $35.99 on Wednesday. The stock’s fifty day simple moving average is $35.63 and its 200 day simple moving average is $39.51. Kinetik Holdings Inc. has a 1-year low of $31.33 and a 1-year high of $67.60. The stock has a market cap of $5.82 billion, a PE ratio of 85.69, a price-to-earnings-growth ratio of 1.95 and a beta of 0.78.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.20). The company had revenue of $463.97 million during the quarter, compared to analyst estimates of $604.57 million. Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. Kinetik’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 earnings per share.

Insider Buying and Selling

In related news, insider Jamie Welch purchased 8,000 shares of the stock in a transaction on Monday, November 10th. The shares were purchased at an average cost of $34.57 per share, with a total value of $276,560.00. Following the acquisition, the insider directly owned 3,687,791 shares in the company, valued at $127,486,934.87. The trade was a 0.22% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.83% of the company’s stock.

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.