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

Kinetik Holdings Inc. (NASDAQ:KNTK) announced a quarterly dividend on Friday, April 19th, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 7.70%. The ex-dividend date of this dividend is Friday, April 26th.

Kinetik has a dividend payout ratio of 130.4% 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 Stock Up 0.8 %

Kinetik stock traded up $0.31 during mid-day trading on Friday, reaching $38.94. 609,510 shares of the company’s stock were exchanged, compared to its average volume of 571,386. Kinetik has a twelve month low of $26.32 and a twelve month high of $40.42. The company has a fifty day moving average of $36.52 and a 200-day moving average of $35.08. The company has a market cap of $5.98 billion, a P/E ratio of 17.04, a P/E/G ratio of 2.35 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 for the quarter, compared to the consensus estimate of $301.49 million. During the same period in the prior year, the firm posted $0.25 EPS. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. Equities research analysts expect that Kinetik will post 2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on KNTK shares. Royal Bank of Canada started coverage on shares of Kinetik in a research report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective on the stock. JPMorgan Chase & Co. lifted their price target on shares of Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $39.67.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Corp Apache sold 13,079,871 shares of Kinetik 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 document filed with the SEC, which is available through this link. In other Kinetik news, major shareholder Corp Apache sold 13,079,871 shares of Kinetik 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 document filed with the SEC, which is available through this link. Also, insider Matthew Wall sold 5,750 shares of Kinetik stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $39.82, for a total transaction of $228,965.00. Following the completion of the transaction, the insider now owns 530,066 shares in the company, valued at $21,107,228.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,095,803 shares of company stock worth $442,051,135. 3.62% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC acquired a new position in shares of Kinetik during the third quarter worth about $237,000. Legal & General Group Plc boosted its holdings in Kinetik by 10.5% during the fourth quarter. Legal & General Group Plc now owns 6,770 shares of the company’s stock worth $224,000 after buying an additional 642 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in Kinetik by 9.0% during the fourth quarter. Cresset Asset Management LLC now owns 6,576 shares of the company’s stock worth $220,000 after buying an additional 541 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Kinetik during the second quarter worth about $214,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Kinetik by 112.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,630 shares of the company’s stock worth $188,000 after buying an additional 2,986 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.