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

Kinetik Holdings Inc. (NASDAQ:KNTK) declared a quarterly dividend on Wednesday, January 22nd,RTT News reports. Stockholders 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 dividend yield of 4.78%.

Kinetik has increased its dividend payment 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 Trading Down 1.9 %

Shares of KNTK stock opened at $65.23 on Thursday. The company has a market capitalization of $10.28 billion, a PE ratio of 24.53, a price-to-earnings-growth ratio of 1.84 and a beta of 2.91. The firm has a fifty day simple moving average of $58.97 and a 200-day simple moving average of $50.38. Kinetik has a twelve month low of $31.73 and a twelve month high of $67.60.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $331.21 million. During the same quarter last year, the company posted $0.21 earnings per share. Kinetik’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities research analysts predict that Kinetik will post 1.35 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. JPMorgan Chase & Co. increased 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. Scotiabank reduced 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. Royal Bank of Canada increased 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. Mizuho increased their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Wells Fargo & Company increased their target price on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.