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

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 15.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 398,136 shares of the company’s stock after purchasing an additional 54,000 shares during the quarter. Kinetik accounts for about 1.3% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 19th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Kinetik were worth $18,020,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Beach Investment Counsel Inc. PA acquired a new stake in Kinetik during the 2nd quarter worth about $27,000. Ameritas Investment Partners Inc. lifted its stake in shares of Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after acquiring an additional 1,926 shares during the period. Blue Trust Inc. boosted its holdings in Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after buying an additional 2,699 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after purchasing an additional 2,803 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after buying an additional 3,615 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on KNTK. Barclays boosted their price objective on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Royal Bank of Canada lifted their price objective on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Scotiabank increased their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.86.

Kinetik Price Performance

Shares of NASDAQ:KNTK traded up $0.30 during trading on Tuesday, hitting $50.55. 82,921 shares of the company were exchanged, compared to its average volume of 509,209. The stock has a 50 day moving average of $45.61 and a 200 day moving average of $42.32. Kinetik Holdings Inc. has a 52-week low of $31.73 and a 52-week high of $51.16. The company has a market cap of $7.77 billion, a PE ratio of 20.71, a P/E/G ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.11. The business had revenue of $359.50 million during the quarter, compared to analyst estimates of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company’s revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 earnings per share. Sell-side analysts forecast that Kinetik Holdings Inc. will post 1.39 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 6.17%. The ex-dividend date of this dividend is Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is 127.87%.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.