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

Kinetik Holdings Inc. (NASDAQ:KNTK) announced a quarterly dividend on Tuesday, April 15th, RTT News reports. Stockholders of record on Friday, April 25th will be paid a dividend of 0.78 per share on Friday, May 2nd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.22%.

Kinetik has raised its dividend payment by an average of 0.3% annually over the last three years. Kinetik has a dividend payout ratio of 132.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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

KNTK stock traded up $0.06 during mid-day trading on Tuesday, reaching $43.20. 594,144 shares of the company’s stock were exchanged, compared to its average volume of 604,198. The company has a market cap of $6.82 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. Kinetik has a 12-month low of $37.65 and a 12-month high of $67.60. The stock’s 50 day moving average is $53.55 and its 200 day moving average is $55.44.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on KNTK. JPMorgan Chase & Co. raised their price objective on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Royal Bank of Canada dropped their target price on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Scotiabank lowered their price target 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. Wells Fargo & Company cut their price target on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Finally, US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $59.63.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. The trade was a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.71% of the stock is currently 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.