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

Kinetik Holdings Inc. (NASDAQ:KNTK) declared a quarterly dividend on Thursday, July 18th, Wall Street Journal reports. Investors of record on Monday, July 29th will be given a dividend of 0.75 per share on Wednesday, August 7th. This represents a $3.00 annualized dividend and a yield of 7.15%. The ex-dividend date of this dividend is Monday, July 29th.

Kinetik has a payout ratio of 127.7% meaning 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 $2.75 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 109.1%.

Kinetik Stock Performance

Shares of KNTK opened at $41.98 on Friday. The business’s fifty day moving average price is $41.37 and its two-hundred day moving average price is $38.04. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 2.59 and a beta of 2.96. Kinetik has a 52 week low of $31.31 and a 52 week high of $45.27.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.32). The firm had revenue of $341.39 million for the quarter, compared to analyst estimates of $277.52 million. Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. The company’s revenue was up 21.5% compared to the same quarter last year. During the same period last year, the company earned ($0.06) EPS. As a group, research analysts forecast that Kinetik will post 1.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on KNTK. Barclays reaffirmed an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a report on Wednesday, July 10th. JPMorgan Chase & Co. upped their price target on Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Mizuho increased their price target on shares of Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Scotiabank boosted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Finally, Wells Fargo & Company increased their target price on shares of Kinetik from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 14th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.44.

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.