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 annualized dividend and a yield of 7.30%. The ex-dividend date of this dividend is Friday, July 25th.
Kinetik has a dividend payout ratio of 136.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.
Kinetik Price Performance
NYSE KNTK traded up $1.25 on Friday, hitting $42.76. 1,451,383 shares of the company were exchanged, compared to its average volume of 1,036,170. The company's 50 day moving average price is $43.71 and its 200-day moving average price is $50.39. The firm has a market capitalization of $6.75 billion, a P/E ratio of 45.01 and a beta of 3.00. Kinetik has a twelve month low of $37.85 and a twelve month high of $67.60.
Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.24). The company 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%. Kinetik's quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 EPS.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on the company. UBS Group assumed coverage on Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 target price on the stock. Mizuho dropped their price objective on Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a report on Tuesday. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Royal Bank Of Canada dropped their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Finally, Citigroup restated a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $55.56.
Check Out Our Latest Stock Analysis on Kinetik
Insider Transactions at Kinetik
In related 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 stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the transaction, the insider owned 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.83% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Kinetik
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNTK. AQR Capital Management LLC lifted its holdings in shares of Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock valued at $670,000 after purchasing an additional 522 shares in the last quarter. Comerica Bank lifted its holdings 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. Intech Investment Management LLC lifted its holdings in shares of Kinetik by 14.3% during the 1st quarter. Intech Investment Management LLC now owns 22,114 shares of the company's stock valued at $1,149,000 after purchasing an additional 2,766 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Kinetik by 27.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company's stock valued at $4,131,000 after purchasing an additional 17,034 shares in the last quarter. Institutional investors own 21.11% of the company's stock.
About Kinetik
(
Get Free Report)
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.
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