CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 189,000 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in Kinetik Holdings Inc. by 32.0%, owning 779,000 shares after acquiring an additional 189,000 shares in Q2.
• Kinetik's quarterly earnings report revealed an EPS of $0.33, exceeding expectations and marking an 18.7% revenue increase compared to the prior year.
• The company announced a quarterly dividend of $0.78, which translates to an annualized yield of 7.2% despite a high dividend payout ratio of 421.62%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 32.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 779,000 shares of the company's stock after purchasing an additional 189,000 shares during the period. Kinetik comprises about 2.0% 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 0.49% of Kinetik worth $34,315,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of KNTK. Bell Investment Advisors Inc acquired a new stake in shares of Kinetik during the first quarter worth about $41,000. Nisa Investment Advisors LLC raised its position in Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after purchasing an additional 664 shares during the period. Rossby Financial LCC acquired a new stake in Kinetik during the 1st quarter valued at approximately $78,000. Comerica Bank raised its position in shares of Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company's stock valued at $80,000 after acquiring an additional 732 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Kinetik in the 1st quarter worth about $93,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Up 1.4%

KNTK traded up $0.62 during trading on Monday, hitting $43.56. The company had a trading volume of 1,009,830 shares, compared to its average volume of 1,617,999. Kinetik Holdings Inc. has a one year low of $39.25 and a one year high of $67.60. The firm's 50-day moving average price is $41.90 and its 200 day moving average price is $44.06. The company has a market capitalization of $7.05 billion, a PE ratio of 58.86, a PEG ratio of 1.06 and a beta of 3.16.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.During the same quarter in the prior year, the company posted $0.54 earnings per share. Kinetik's quarterly revenue was up 18.7% on a year-over-year basis.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.2%. Kinetik's dividend payout ratio (DPR) is currently 421.62%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on KNTK shares. Zacks Research upgraded shares of Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Mizuho set a $53.00 price target on shares of Kinetik and gave the company an "outperform" rating in a report on Friday, August 29th. Scotiabank restated an "outperform" rating on shares of Kinetik in a research note on Monday, September 8th. Royal Bank Of Canada lowered their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Finally, Wall Street Zen raised shares of Kinetik from a "sell" rating to a "hold" rating in a report on Saturday. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Kinetik currently has an average rating of "Moderate Buy" and an average target price of $54.67.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.