Kinetik Holdings Inc. (NASDAQ:KNTK) Declares $0.75 Quarterly Dividend

Kinetik Holdings Inc. (NASDAQ:KNTK) announced a quarterly dividend on Thursday, April 18th, Wall Street Journal reports. Stockholders of record on Monday, April 29th will be given a dividend of 0.75 per share on Thursday, May 9th. This represents a $3.00 annualized dividend and a dividend yield of 7.66%. The ex-dividend date is Friday, April 26th.

Kinetik has a payout ratio of 129.3% 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 $2.26 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 132.7%.

Kinetik Stock Up 1.5 %

NASDAQ KNTK opened at $39.15 on Thursday. The business has a 50 day moving average price of $36.89 and a 200-day moving average price of $35.25. Kinetik has a 52 week low of $26.32 and a 52 week high of $40.42. The company has a market cap of $6.02 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 2.35 and a beta of 2.80.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $1.24. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The business had revenue of $348.87 million during the quarter, compared to the consensus estimate of $301.49 million. During the same quarter in the prior year, the company posted $0.25 earnings per share. Kinetik’s revenue was up 18.1% compared to the same quarter last year. On average, equities research analysts anticipate that Kinetik will post 2 earnings per share for the current year.

Insider Transactions at Kinetik

In related news, insider Matthew Wall sold 5,750 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $39.82, for a total transaction of $228,965.00. Following the sale, the insider now directly owns 530,066 shares in the company, valued at approximately $21,107,228.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Anne Psencik sold 3,182 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the sale, the insider now directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Matthew Wall sold 5,750 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the transaction, the insider now owns 530,066 shares of the company’s stock, valued at approximately $21,107,228.12. The disclosure for this sale can be found here. Insiders sold 13,095,803 shares of company stock worth $442,051,135 over the last quarter. Corporate insiders own 3.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Royal Bank of Canada assumed coverage on Kinetik in a report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target for the company. Mizuho boosted their price objective on Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Finally, Barclays started coverage on Kinetik in a research report on Monday. They issued an “equal weight” rating and a $40.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $40.00.

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.