Kinetik Holdings Inc. (KNTK) To Go Ex-Dividend on April 26th

Kinetik Holdings Inc. (NASDAQ:KNTK) announced a quarterly dividend on Thursday, April 18th, Wall Street Journal reports. Investors of record on Monday, April 29th will be paid a dividend of 0.75 per share on Thursday, May 9th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.77%. The ex-dividend date is Friday, April 26th.

Kinetik has a 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. Research 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 Stock Down 1.0 %

Shares of KNTK stock opened at $38.62 on Wednesday. The stock has a 50-day moving average price of $36.89 and a 200 day moving average price of $35.25. Kinetik has a 12 month low of $26.32 and a 12 month high of $40.42. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 2.38 and a beta of 2.80.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The company had revenue of $348.87 million during the quarter, compared to the consensus estimate of $301.49 million. During the same quarter last year, the firm posted $0.25 EPS. The company’s quarterly revenue was up 18.1% on a year-over-year basis. Sell-side analysts predict that Kinetik will post 2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on KNTK. Royal Bank of Canada started coverage on Kinetik in a research report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price target on the stock. Mizuho lifted their price objective on shares of Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. raised their target price on Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Finally, Barclays initiated coverage on Kinetik in a research report on Monday. They issued an “equal weight” rating and a $40.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $40.00.

Insider Buying and Selling

In related news, insider Jamie Welch acquired 14,814 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were acquired at an average price of $33.75 per share, with a total value of $499,972.50. Following the acquisition, the insider now owns 3,599,225 shares of the company’s stock, valued at approximately $121,473,843.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Kinetik news, insider Jamie Welch purchased 14,814 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were acquired at an average price of $33.75 per share, for a total transaction of $499,972.50. Following the completion of the purchase, the insider now owns 3,599,225 shares of the company’s stock, valued at $121,473,843.75. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 disclosure for this sale can be found here. Insiders sold 13,095,803 shares of company stock valued at $442,051,135 over the last quarter. Insiders own 3.71% 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.