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

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 annualized dividend and a yield of 4.78%.

Kinetik has increased its dividend by an average of 0.3% per year over the last three years. Kinetik has a payout ratio of 122.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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 %

Kinetik stock opened at $65.23 on Thursday. The stock has a market cap of $10.28 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 1.84 and a beta of 2.91. The company’s 50-day moving average price is $58.97 and its two-hundred day moving average price is $50.38. Kinetik has a 52 week low of $31.73 and a 52 week high of $67.60.

Kinetik (NASDAQ:KNTK) last released its 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 company had revenue of $396.40 million for 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 firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.21 EPS. Research analysts expect that Kinetik will post 1.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada raised their price objective on shares of 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 for the company in a research report on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. The Goldman Sachs Group raised their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Kinetik currently 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.