CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 41,864 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 10.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 440,000 shares of the company's stock after acquiring an additional 41,864 shares during the period. Kinetik makes up approximately 1.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 18th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.28% of Kinetik worth $24,952,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its stake in Kinetik by 2.0% in the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock worth $515,000 after purchasing an additional 174 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after buying an additional 213 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Kinetik by 0.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 81,230 shares of the company's stock valued at $4,607,000 after buying an additional 739 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Kinetik by 14.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company's stock worth $356,000 after buying an additional 983 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in Kinetik during the third quarter worth approximately $46,000. Institutional investors own 21.11% of the company's stock.

Wall Street Analyst Weigh In

KNTK has been the topic of several analyst reports. Wells Fargo & Company increased their target price on Kinetik from $58.00 to $60.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. increased their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. The Goldman Sachs Group upped their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Scotiabank decreased their price objective on shares of Kinetik from $64.00 to $62.00 and set a "sector outperform" rating on the stock in a research note on Tuesday. Finally, Citigroup boosted their price objective on shares of Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a research report on Monday, December 16th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $59.25.

Kinetik Trading Up 0.8 %

NASDAQ:KNTK traded up $0.54 on Friday, hitting $66.35. The company had a trading volume of 585,393 shares, compared to its average volume of 478,643. The firm has a 50 day moving average of $59.32 and a two-hundred day moving average of $50.65. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 1.80 and a beta of 2.91. Kinetik Holdings Inc. has a 52 week low of $31.73 and a 52 week high of $67.60.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The firm's revenue was up 20.0% on a year-over-year basis. As a group, equities analysts forecast that Kinetik Holdings Inc. will post 1.35 EPS for the current year.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 4.70%. The ex-dividend date is Monday, February 3rd. Kinetik's dividend payout ratio (DPR) is currently 115.13%.

Kinetik Company Profile

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.