Kinetik Holdings Inc. $KNTK is CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's 8th Largest Position

Key Points

• Cushing Asset Management increased its Kinetik Holdings position by 1.7% in the first quarter, making KNTK its 8th largest holding. The fund now owns 1.874 million shares worth about $90.7 million.
• Kinetik’s latest earnings report showed a loss of $0.07 per share, missing analyst estimates, while revenue fell 7.5% year over year to $409.98 million. Despite the miss, analysts still expect the company to post 0.62 EPS for the year.
• Institutional interest remains significant, with hedge funds and other investors owning 21.11% of Kinetik’s stock. Recent analyst sentiment is mixed but leans positive, with a consensus rating of Moderate Buy and an average target price of $49.17.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,874,000 shares of the company's stock after acquiring an additional 30,600 shares during the quarter. Kinetik makes up about 4.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 8th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 1.16% of Kinetik worth $90,720,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company's stock worth $183,739,000 after acquiring an additional 439,586 shares during the last quarter. Zimmer Partners LP acquired a new position in Kinetik in the 4th quarter valued at $98,611,000. Cohen & Steers Inc. raised its stake in Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company's stock valued at $66,458,000 after purchasing an additional 833,224 shares during the last quarter. Invesco Ltd. lifted its holdings in Kinetik by 22.4% in the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company's stock valued at $63,997,000 after purchasing an additional 325,251 shares in the last quarter. Finally, State Street Corp lifted its holdings in Kinetik by 5.1% in the 4th quarter. State Street Corp now owns 1,643,532 shares of the company's stock valued at $59,249,000 after purchasing an additional 79,474 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Stock Performance

NYSE KNTK opened at $47.70 on Monday. The stock's fifty day moving average is $48.00 and its two-hundred day moving average is $44.23. The firm has a market capitalization of $7.74 billion, a P/E ratio of 19.47, a price-to-earnings-growth ratio of 2.46 and a beta of 0.56. Kinetik Holdings Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $51.51.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The company had revenue of $409.98 million during the quarter. During the same period in the previous year, the business earned $0.05 earnings per share. The firm's revenue was down 7.5% on a year-over-year basis. As a group, sell-side analysts forecast that Kinetik Holdings Inc. will post 0.62 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on KNTK shares. Citigroup reaffirmed a "buy" rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 26th. Wells Fargo & Company upgraded shares of Kinetik from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $47.00 to $52.00 in a research report on Wednesday, March 25th. Royal Bank Of Canada upped their price objective on shares of Kinetik from $50.00 to $53.00 and gave the company an "outperform" rating in a research note on Friday, June 5th. Finally, Wall Street Zen downgraded shares of Kinetik from a "sell" rating to a "strong sell" rating in a report on Sunday, May 17th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $49.17.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company's stock in a transaction dated 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 sale, the insider owned 428,894 shares of the company's stock, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 1,071,107 shares of company stock worth $53,172,463. Insiders own 3.56% of the company's stock.

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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