Kinetik Holdings Inc. $KNTK Shares Bought by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management increased its Kinetik stake by 1.2% in the third quarter, acquiring 21,000 additional shares for a total holding of 1.773 million shares valued at approximately $89 million. Institutional investors collectively own 21.11% of Kinetik.
• Insiders have been selling shares, including a major shareholder’s sale of 2 million shares for $109.5 million. Insiders sold approximately $212 million worth of stock over the past three months.
• Kinetik reported quarterly revenue of $581.4 million and EPS of $0.64, beating analyst estimates, while revenue increased 36.3% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $55.47.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 1.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,773,000 shares of the company's stock after purchasing an additional 21,000 shares during the quarter. Kinetik makes up approximately 4.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 6th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 1.09% of Kinetik worth $89,005,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Signaturefd LLC grew its stake in Kinetik by 21.3% in the 3rd quarter. Signaturefd LLC now owns 1,714 shares of the company's stock valued at $86,000 after buying an additional 301 shares during the last quarter. Inspire Investing LLC raised its holdings in Kinetik by 100.8% in the 3rd quarter. Inspire Investing LLC now owns 27,926 shares of the company's stock valued at $1,402,000 after acquiring an additional 14,016 shares during the period. Yousif Capital Management LLC raised its holdings in Kinetik by 21.3% in the 3rd quarter. Yousif Capital Management LLC now owns 16,013 shares of the company's stock valued at $804,000 after acquiring an additional 2,817 shares during the period. Royal Fund Management LLC lifted its position in Kinetik by 1.3% during the third quarter. Royal Fund Management LLC now owns 21,876 shares of the company's stock worth $1,098,000 after acquiring an additional 289 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Kinetik by 181.2% during the third quarter. Nisa Investment Advisors LLC now owns 3,321 shares of the company's stock worth $167,000 after acquiring an additional 2,140 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the business's stock in a transaction that occurred on Tuesday, October 13th. The stock was sold at an average price of $54.77, for a total value of $109,540,000.00. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at approximately $54.77. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 3,931,632 shares of company stock valued at $211,967,059 in the last three months. 3.56% of the stock is currently owned by insiders.

Kinetik Stock Up 0.2%

Shares of Kinetik stock opened at $55.80 on Tuesday. The stock has a market capitalization of $9.06 billion, a price-to-earnings ratio of 20.22, a price-to-earnings-growth ratio of 1.24 and a beta of 0.61. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.92. The company has a 50-day simple moving average of $53.90 and a two-hundred day simple moving average of $48.11.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same quarter in the prior year, the business posted $0.33 EPS. The business's revenue was up 36.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

KNTK has been the topic of several research reports. Morgan Stanley decreased their target price on Kinetik from $70.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 21st. Scotiabank reiterated an "outperform" rating and set a $59.00 target price on shares of Kinetik in a research note on Thursday, October 15th. The Goldman Sachs Group reissued a "buy" rating and set a $58.00 price target on shares of Kinetik in a report on Wednesday, October 14th. Tudor Pickering assumed coverage on Kinetik in a research note on Monday, July 20th. They issued a "buy" rating and a $57.00 price target for the company. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $57.00 price objective on shares of Kinetik in a report on Tuesday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.47.

Kinetik Profile

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company's assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.

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