Kinetik Holdings Inc. (NASDAQ:KNTK – Get Free Report) announced a quarterly dividend on Friday, October 18th, Wall Street Journal reports. Investors of record on Monday, October 28th will be given a dividend of 0.78 per share on Thursday, November 7th. This represents a $3.12 annualized dividend and a dividend yield of 6.16%. The ex-dividend date of this dividend is Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75.
Kinetik has a payout ratio of 132.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Kinetik to earn $2.62 per share next year, which means the company may not be able to cover its $3.00 annual dividend with an expected future payout ratio of 114.5%.
Kinetik Trading Up 1.8 %
Shares of KNTK stock opened at $50.62 on Friday. The firm has a market capitalization of $7.78 billion, a P/E ratio of 20.75, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91. Kinetik has a 1 year low of $31.73 and a 1 year high of $50.83. The firm’s fifty day simple moving average is $45.42 and its 200 day simple moving average is $42.21.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on KNTK. Barclays lifted their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Scotiabank increased their price target on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 2nd. Finally, Royal Bank of Canada boosted their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and an average price target of $43.86.
Check Out Our Latest Stock Report on Kinetik
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.
Featured Stories
- Five stocks we like better than Kinetik
- Overbought Stocks Explained: Should You Trade Them?
- Misses and Beats: 3 Stocks That Are Moving Markets Right Now
- How to Effectively Use the MarketBeat Ratings Screener
- Cisco on the Rise: AI Potential and Analyst Upgrades Drive Gains
- What is Insider Trading? What You Can Learn from Insider Trading
- MarketBeat Week in Review – 10/14 – 10/18
Receive News & Ratings for Kinetik Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kinetik and related companies with MarketBeat.com's FREE daily email newsletter.