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

Kinetik Holdings Inc. (NASDAQ:KNTK) declared a quarterly dividend on Tuesday, April 15th, RTT News reports. Investors of record on Friday, April 25th will be given a dividend of 0.78 per share on Friday, May 2nd. This represents a $3.12 dividend on an annualized basis and a yield of 7.22%. The ex-dividend date of this dividend is Friday, April 25th.

Kinetik has increased its dividend payment by an average of 0.3% annually over the last three years. Kinetik has a dividend payout ratio of 132.8% 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 $2.48 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 125.8%.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $43.21 on Thursday. The stock has a market capitalization of $6.82 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The company’s 50-day moving average price is $52.77 and its two-hundred day moving average price is $55.27. Kinetik has a one year low of $37.65 and a one year high of $67.60.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Barclays increased their price target on Kinetik from $57.00 to $58.00 and gave the company an “equal weight” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Wells Fargo & Company decreased their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Royal Bank of Canada lowered their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Scotiabank cut their price objective on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average target price of $59.75.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the transaction, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.71% of the stock is owned by corporate insiders.

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.