Kinetik Holdings Inc. (KNTK) to Issue Quarterly Dividend of $0.78 on February 12th

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 given a dividend of 0.78 per share on Wednesday, February 12th. This represents a $3.12 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date of this dividend is Monday, February 3rd.

Kinetik has raised its dividend payment by an average of 0.3% annually over the last three years. Kinetik has a dividend payout ratio of 124.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Kinetik to earn $2.44 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 127.9%.

Kinetik Stock Down 2.1 %

NASDAQ KNTK opened at $64.44 on Friday. Kinetik has a 52 week low of $31.73 and a 52 week high of $67.60. The business’s fifty day simple moving average is $59.64 and its 200-day simple moving average is $51.40. The firm has a market cap of $10.15 billion, a PE ratio of 23.89, a P/E/G ratio of 1.68 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last posted 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). The firm had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Research analysts expect that Kinetik will post 1.96 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on KNTK shares. Royal Bank of Canada lifted their target price on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. 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 report on Tuesday, January 21st. Mizuho lifted their price target 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. JPMorgan Chase & Co. boosted their price target 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. Finally, Barclays increased their price objective 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 research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company 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.