Kinetik Holdings Inc. $KNTK Shares Acquired by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Kinetik Holdings Inc. (NYSE:KNTK) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,874,000 shares of the company’s stock after buying an additional 30,600 shares during the quarter. Kinetik comprises approximately 4.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 8th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Kinetik were worth $90,720,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Comerica Bank grew its position in Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after acquiring an additional 732 shares during the period. AQR Capital Management LLC increased its position in shares of Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after purchasing an additional 522 shares during the last quarter. Millennium Management LLC increased its position in shares of Kinetik by 88.7% during the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after purchasing an additional 62,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Kinetik by 27.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after buying an additional 17,034 shares during the period. Finally, Intech Investment Management LLC lifted its position in Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after buying an additional 2,766 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the transaction, the insider owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This trade represents a 55.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders have sold 1,071,107 shares of company stock worth $53,172,463. 3.56% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on KNTK shares. Truist Financial began coverage on shares of Kinetik in a research report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price target for the company. Jefferies Financial Group reaffirmed a “hold” rating and set a $51.00 price objective on shares of Kinetik in a research report on Friday, May 8th. Weiss Ratings downgraded shares of Kinetik from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 18th. UBS Group cut their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. Finally, US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.17.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $47.70 on Monday. The firm has a market capitalization of $7.74 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 2.46 and a beta of 0.56. The firm’s 50-day moving average is $48.00 and its two-hundred day moving average is $44.23. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $51.51.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. Analysts expect that Kinetik Holdings Inc. will post 0.62 EPS for the current fiscal year.

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.