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

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) declared a quarterly dividend on Friday, October 18th, Wall Street Journal reports. Investors of record on Monday, October 28th will be paid a dividend of 0.78 per share on Thursday, November 7th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date of this dividend is Monday, October 28th. This is a positive change from Kinetik's previous quarterly dividend of $0.75.

Kinetik has a dividend payout ratio of 132.2% 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 $2.62 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 114.5%.

Kinetik Price Performance

NASDAQ KNTK traded up $0.90 on Friday, hitting $50.62. 394,343 shares of the company were exchanged, compared to its average volume of 512,161. Kinetik has a twelve month low of $31.73 and a twelve month high of $50.83. The company's 50 day moving average price is $45.42 and its 200-day moving average price is $42.21. The firm has a market capitalization of $7.78 billion, a P/E ratio of 20.75, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.11. The firm had revenue of $359.50 million for the quarter, compared to analysts' expectations of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company's quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. As a group, equities analysts expect that Kinetik will post 1.39 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on KNTK shares. Barclays increased their price objective on Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a research note on Monday. Royal Bank of Canada raised their price target on shares of Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, 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 research report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $43.86.

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.