Kinetik Holdings Inc. (NASDAQ:KNTK) Raises Dividend to $0.78 Per Share

Kinetik Holdings Inc. (NASDAQ:KNTK) 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.

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

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.

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.