CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Grows Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 34.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 590,000 shares of the company's stock after purchasing an additional 150,000 shares during the period. Kinetik makes up about 1.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 16th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.37% of Kinetik worth $30,645,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in KNTK. Rialto Wealth Management LLC bought a new stake in shares of Kinetik during the fourth quarter worth about $34,000. Comerica Bank boosted its stake in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after purchasing an additional 971 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in Kinetik during the 4th quarter worth approximately $67,000. Finally, Cibc World Markets Corp purchased a new stake in shares of Kinetik in the fourth quarter worth approximately $203,000. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Down 1.8%

NYSE:KNTK traded down $0.78 during trading hours on Tuesday, hitting $43.27. 942,874 shares of the stock traded hands, compared to its average volume of 1,011,027. The company has a market cap of $6.83 billion, a price-to-earnings ratio of 45.55 and a beta of 3.05. The stock has a 50 day moving average price of $43.59 and a 200 day moving average price of $51.61. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60.

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

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.21%. Kinetik's dividend payout ratio is currently 328.42%.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the sale, the insider owned 1 shares in the company, valued at approximately $44.16. This represents a 100.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on KNTK shares. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Mizuho lowered their price objective on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 20th. Scotiabank raised their price target on shares of Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. Finally, Royal Bank Of Canada reduced their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Kinetik presently has an average rating of "Moderate Buy" and a consensus target price of $56.56.

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.