Kinetik Holdings Inc. (NASDAQ:KNTK) Announces $0.78 Quarterly Dividend

Kinetik Holdings Inc. (NASDAQ:KNTK) announced a quarterly dividend on Wednesday, January 22nd,RTT News reports. Shareholders of record on Monday, February 3rd will be given 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 raised its dividend by an average of 0.3% annually over the last three years. Kinetik has a payout ratio of 122.4% 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 $2.45 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 Stock Down 1.9 %

KNTK stock traded down $1.25 during trading on Wednesday, hitting $65.23. 1,021,596 shares of the company’s stock traded hands, compared to its average volume of 633,384. The stock has a fifty day moving average price of $58.78 and a two-hundred day moving average price of $50.27. The stock has a market capitalization of $10.28 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 1.80 and a beta of 2.91. Kinetik has a 52 week low of $31.73 and a 52 week high of $67.60.

Kinetik (NASDAQ:KNTK) last released its quarterly 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). The firm had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.21 EPS. As a group, equities research analysts expect that Kinetik will post 1.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on KNTK. Royal Bank of Canada upped their price target on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Citigroup raised 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. 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 report on Thursday, October 24th. Wells Fargo & Company lifted their price target on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Finally, Barclays boosted their target price on shares of Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.25.

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.