CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires 150,000 Shares of Kinetik Holdings Inc. (NYSE:KNTK)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 34.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 590,000 shares of the company's stock after purchasing an additional 150,000 shares during the quarter. Kinetik accounts for about 1.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 16th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.37% of Kinetik worth $30,645,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in shares of Kinetik during the first quarter worth about $647,000. Bank of New York Mellon Corp raised its position in shares of Kinetik by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after acquiring an additional 54,081 shares during the last quarter. Jump Financial LLC raised its position in shares of Kinetik by 73.8% during the fourth quarter. Jump Financial LLC now owns 41,880 shares of the company's stock worth $2,375,000 after acquiring an additional 17,778 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Kinetik by 54.1% during the fourth quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock worth $13,794,000 after acquiring an additional 85,378 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of Kinetik during the fourth quarter worth about $1,674,000. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on KNTK shares. Royal Bank Of Canada decreased their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Scotiabank raised their target price on Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. Barclays set a $48.00 target price on Kinetik and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Finally, Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $56.56.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the transaction, the insider now owns 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.83% of the company's stock.

Kinetik Stock Performance

Kinetik stock traded up $0.25 during mid-day trading on Friday, reaching $44.17. The stock had a trading volume of 2,823,338 shares, compared to its average volume of 1,285,140. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The stock's 50-day simple moving average is $43.53 and its 200-day simple moving average is $51.74. The firm has a market capitalization of $6.98 billion, a PE ratio of 46.49 and a beta of 3.05.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The firm had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. During the same period last year, the business posted $0.12 EPS. The company's revenue was up 29.8% on a year-over-year basis.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were issued a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.06%. Kinetik's dividend payout ratio is presently 328.42%.

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.