Kinetik Holdings Inc. (NASDAQ:KNTK) to Issue Quarterly Dividend of $0.78

Kinetik Holdings Inc. (NASDAQ:KNTK) declared a quarterly dividend on Wednesday, January 22nd,RTT News reports. Shareholders of record on Monday, February 3rd will be paid a dividend of 0.78 per share on Wednesday, February 12th. This represents a $3.12 annualized dividend and a yield of 4.78%.

Kinetik has increased its dividend payment by an average of 0.3% per year over the last three years. Kinetik has a payout ratio of 122.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Kinetik to earn $2.45 per share next year, which means the company may not be able to cover its $3.12 annual dividend with an expected future payout ratio of 127.3%.

Kinetik Price Performance

Shares of KNTK stock traded down $1.25 during mid-day trading on Wednesday, hitting $65.23. The stock had a trading volume of 1,021,596 shares, compared to its average volume of 633,384. Kinetik has a fifty-two week low of $31.73 and a fifty-two week high of $67.60. The firm has a market cap of $10.28 billion, a PE ratio of 24.07, a PEG ratio of 1.80 and a beta of 2.91. The company’s 50-day simple moving average is $58.78 and its 200-day simple moving average is $50.27.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same quarter last year, the business posted $0.21 EPS. The firm’s revenue was up 20.0% on a year-over-year basis. On average, analysts expect that Kinetik will post 1.35 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on KNTK. Citigroup raised their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Barclays raised their price objective on shares of Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. JPMorgan Chase & Co. raised their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. Royal Bank of Canada raised their price objective on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Mizuho raised their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.25.

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.