Fintel reports that on September 18, 2023, Wells Fargo initiated coverage of Kinetik Holdings Inc - (NASDAQ:KNTK) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 15.17% Upside
As of August 31, 2023, the average one-year price target for Kinetik Holdings Inc - is 39.78. The forecasts range from a low of 34.34 to a high of $45.15. The average price target represents an increase of 15.17% from its latest reported closing price of 34.54.
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The projected annual revenue for Kinetik Holdings Inc - is 1,091MM, a decrease of 8.92%. The projected annual non-GAAP EPS is 2.44.
Kinetik Holdings Inc - Declares $0.75 Dividend
On July 20, 2023 the company declared a regular quarterly dividend of $0.75 per share ($3.00 annualized). Shareholders of record as of August 4, 2023 received the payment on August 16, 2023. Previously, the company paid $0.75 per share.
At the current share price of $34.54 / share, the stock's dividend yield is 8.69%.
Looking back five years and taking a sample every week, the average dividend yield has been 9.49%, the lowest has been 1.52%, and the highest has been 31.41%. The standard deviation of yields is 7.62 (n=235).
The current dividend yield is 0.10 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 1.18. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.20%.
What is the Fund Sentiment?
There are 271 funds or institutions reporting positions in Kinetik Holdings Inc -. This is a decrease of 5 owner(s) or 1.81% in the last quarter. Average portfolio weight of all funds dedicated to KNTK is 0.16%, an increase of 7.61%. Total shares owned by institutions increased in the last three months by 4.62% to 24,118K shares. 
The put/call ratio of KNTK is 0.21, indicating a bullish outlook.
What are Other Shareholders Doing?
Blackstone Group holds 7,614K shares representing 13.97% ownership of the company. In it's prior filing, the firm reported owning 5,912K shares, representing an increase of 22.36%. The firm increased its portfolio allocation in KNTK by 107.07% over the last quarter.
Neuberger Berman Group holds 2,134K shares representing 3.91% ownership of the company. In it's prior filing, the firm reported owning 2,093K shares, representing an increase of 1.93%. The firm increased its portfolio allocation in KNTK by 116.15% over the last quarter.
Tortoise Capital Advisors, L.l.c. holds 550K shares representing 1.01% ownership of the company. In it's prior filing, the firm reported owning 556K shares, representing a decrease of 0.94%. The firm increased its portfolio allocation in KNTK by 13.03% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 539K shares representing 0.99% ownership of the company. In it's prior filing, the firm reported owning 385K shares, representing an increase of 28.45%. The firm increased its portfolio allocation in KNTK by 44.77% over the last quarter.
PRPAX - PGIM Jennison MLP Fund holds 509K shares representing 0.93% ownership of the company. In it's prior filing, the firm reported owning 415K shares, representing an increase of 18.49%. The firm increased its portfolio allocation in KNTK by 44.81% over the last quarter.
Kinetik Holdings Background Information
(This description is provided by the company.)
Altus Midstream Company is a pure-play, Permian-to-Gulf Coast midstream C-corporation. Through its consolidated subsidiaries, Altus owns gas gathering, processing and transmission assets servicing production in the Delaware Basin and owns equity interests in four Permian-to-Gulf Coast pipelines.
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