Kinetik Holdings Inc. (KNTK) To Go Ex-Dividend on October 28th

Kinetik Holdings Inc. (NASDAQ:KNTK) declared a quarterly dividend on Thursday, October 17th, Wall Street Journal reports. Shareholders 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 6.29%. The ex-dividend date is Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75.

Kinetik has a dividend payout ratio of 128.4% 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 $2.67 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 116.9%.

Kinetik Trading Down 3.8 %

Shares of Kinetik stock opened at $49.64 on Friday. The business’s fifty day moving average price is $46.26 and its 200 day moving average price is $42.59. Kinetik has a twelve month low of $31.73 and a twelve month high of $51.97. The stock has a market capitalization of $7.82 billion, a P/E ratio of 19.32, a PEG ratio of 2.38 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business had revenue of $359.50 million during the quarter, compared to analysts’ expectations of $305.94 million. During the same quarter in the previous year, the business earned $0.41 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, sell-side analysts predict that Kinetik will post 1.44 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on KNTK shares. Barclays lifted their target price on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Scotiabank boosted their price objective on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 2nd. Mizuho upped their target price on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.71.

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.