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

Kinetik Holdings Inc. (NASDAQ:KNTK) announced a quarterly dividend on Friday, April 19th, Wall Street Journal reports. Investors of record on Monday, April 29th will be given a dividend of 0.75 per share on Thursday, May 9th. This represents a $3.00 annualized dividend and a yield of 7.71%. The ex-dividend date is Friday, April 26th.

Kinetik has a dividend payout ratio of 129.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Kinetik to earn $2.26 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 132.7%.

Kinetik Trading Up 0.8 %

KNTK stock opened at $38.92 on Friday. Kinetik has a 12-month low of $26.32 and a 12-month high of $40.42. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 2.35 and a beta of 2.80. The business’s 50-day moving average is $36.64 and its 200 day moving average is $35.12.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $0.46 by $1.24. The business had revenue of $348.87 million for the quarter, compared to analysts’ expectations of $301.49 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.25 EPS. As a group, equities analysts forecast that Kinetik will post 2 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on KNTK. Royal Bank of Canada began coverage on Kinetik in a report on Monday, March 25th. They set an “outperform” rating and a $40.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $39.67.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Corp Apache sold 13,079,871 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $33.75, for a total value of $441,445,646.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Anne Psencik sold 3,182 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now owns 247,128 shares in the company, valued at $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Corp Apache sold 13,079,871 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $33.75, for a total transaction of $441,445,646.25. The disclosure for this sale can be found here. Insiders sold 13,095,803 shares of company stock worth $442,051,135 over the last 90 days. Corporate insiders own 3.62% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Kinetik by 28.2% during the fourth quarter. Vanguard Group Inc. now owns 2,180,143 shares of the company’s stock worth $72,817,000 after buying an additional 479,325 shares during the period. BlackRock Inc. boosted its stake in shares of Kinetik by 4.2% during the second quarter. BlackRock Inc. now owns 1,815,437 shares of the company’s stock worth $63,794,000 after buying an additional 72,958 shares during the period. Geode Capital Management LLC raised its holdings in Kinetik by 9.9% during the second quarter. Geode Capital Management LLC now owns 400,556 shares of the company’s stock worth $14,076,000 after purchasing an additional 36,073 shares in the last quarter. State Street Corp raised its holdings in Kinetik by 10.8% during the second quarter. State Street Corp now owns 388,127 shares of the company’s stock worth $13,639,000 after purchasing an additional 37,859 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its holdings in Kinetik by 9.7% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 363,326 shares of the company’s stock worth $11,372,000 after purchasing an additional 32,230 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.