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

Kinetik Holdings Inc. (NASDAQ:KNTK) announced 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% per year 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. 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 Price Performance

NASDAQ KNTK opened at $64.44 on Friday. The firm’s fifty day moving average price is $59.64 and its 200 day moving average price is $51.40. Kinetik has a 12 month low of $31.73 and a 12 month high of $67.60. The company has a market capitalization of $10.15 billion, a price-to-earnings ratio of 23.89, a price-to-earnings-growth 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 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). The firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 EPS. As a group, sell-side analysts forecast that Kinetik will post 1.96 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on KNTK shares. Barclays increased their price objective on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Mizuho increased their price target on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. The Goldman Sachs Group raised their price objective on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company upped their target price on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. raised their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.