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

Key Points

• CUSHING ASSET MANAGEMENT LP (dba NXG) boosted its Kinetik stake by 86.5%, buying 855,000 shares to hold 1,843,400 shares (about 1.14% of Kinetik) valued at roughly $66.46 million, making Kinetik its 10th largest holding (~3.8% of the fund).
• Insiders sold heavily: Isq Global Fund II GP sold 4,000,000 shares for ~$179.4 million and insiders disposed of 4,007,748 shares (~$179.8M) in the past three months, leaving insiders with 3.83% ownership.
• Earnings beat and analyst sentiment: Kinetik reported $2.16 EPS vs. $0.15 expected and revenue of $430.4M (+11.5% YoY), and analysts hold a consensus Moderate Buy with an average price target of $48.08 (notable targets: Citigroup $51, Truist $53).

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 86.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,843,400 shares of the company's stock after purchasing an additional 855,000 shares during the period. Kinetik accounts for approximately 3.8% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 10th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 1.14% of Kinetik worth $66,455,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Kinetik by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company's stock worth $199,049,000 after purchasing an additional 416,147 shares during the last quarter. Brave Warrior Advisors LLC bought a new position in shares of Kinetik in the 3rd quarter worth $68,766,000. Invesco Ltd. boosted its position in shares of Kinetik by 40.2% in the 3rd quarter. Invesco Ltd. now owns 1,449,965 shares of the company's stock worth $61,972,000 after purchasing an additional 415,505 shares during the last quarter. Chickasaw Capital Management LLC boosted its position in shares of Kinetik by 3.6% in the 4th quarter. Chickasaw Capital Management LLC now owns 1,137,460 shares of the company's stock worth $41,005,000 after purchasing an additional 39,013 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Kinetik by 109.7% in the 2nd quarter. Bank of America Corp DE now owns 776,306 shares of the company's stock worth $34,196,000 after purchasing an additional 406,160 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

KNTK has been the topic of several recent research reports. Citigroup raised their price target on Kinetik from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 2nd. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research report on Saturday. Wolfe Research lowered Kinetik from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, January 27th. Truist Financial initiated coverage on Kinetik in a report on Tuesday, March 24th. They set a "buy" rating and a $53.00 target price on the stock. Finally, Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.08.

Insiders Place Their Bets

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 dated Thursday, February 26th. The stock was sold at an average price of $44.85, for a total value of $179,400,000.00. Following the completion of the transaction, the insider directly owned 1 shares of the company's stock, valued at approximately $44.85. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Wall sold 3,222 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 585,556 shares of the company's stock, valued at approximately $27,474,287.52. The trade was a 0.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,007,748 shares of company stock valued at $179,763,536 in the last three months. Insiders own 3.83% of the company's stock.

Kinetik Trading Down 1.7%

NYSE:KNTK opened at $46.59 on Friday. Kinetik Holdings Inc. has a 1 year low of $31.33 and a 1 year high of $49.55. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 1.56 and a beta of 0.66. The stock has a 50-day moving average price of $45.52 and a two-hundred day moving average price of $39.87.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm had revenue of $430.42 million during the quarter. During the same period in the previous year, the firm posted $0.01 earnings per share. The firm's revenue was up 11.5% on a year-over-year basis.

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.

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