Kinetik Holdings Inc. (NYSE:KNTK) to Issue $0.78 Quarterly Dividend

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) announced a quarterly dividend on Tuesday, July 15th, RTT News reports. Shareholders of record on Friday, July 25th will be paid a dividend of 0.78 per share on Friday, August 1st. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.53%. The ex-dividend date is Friday, July 25th.

Kinetik has a payout ratio of 136.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Kinetik Stock Up 2.9%

Shares of NYSE:KNTK traded up $1.16 on Thursday, reaching $41.42. 1,893,175 shares of the company's stock were exchanged, compared to its average volume of 1,194,871. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 43.60 and a beta of 3.00. Kinetik has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The business's 50-day moving average is $43.73 and its two-hundred day moving average is $50.50.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The firm's revenue for the quarter was up 29.8% on a year-over-year basis. During the same period last year, the company posted $0.12 earnings per share.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on KNTK shares. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Barclays set a $43.00 price objective on shares of Kinetik and gave the stock an "equal weight" rating in a report on Monday. Royal Bank Of Canada dropped their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Mizuho dropped their price objective on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, Citigroup reaffirmed a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Kinetik currently has an average rating of "Moderate Buy" and an average target price of $55.56.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the completion of the transaction, the insider owned 1 shares in the company, valued at approximately $44.16. This trade represents a 100.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Kinetik

Large investors have recently made changes to their positions in the business. Comerica Bank boosted its position in shares of Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company's stock valued at $80,000 after purchasing an additional 732 shares in the last quarter. Strs Ohio bought a new position in shares of Kinetik during the 1st quarter valued at about $93,000. AQR Capital Management LLC boosted its holdings in shares of Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock worth $670,000 after buying an additional 522 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company's stock worth $1,149,000 after buying an additional 2,766 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Kinetik by 27.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company's stock worth $4,131,000 after buying an additional 17,034 shares during the period. Institutional investors own 21.11% of the company's stock.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.