HOUSTON & MIDLAND, Texas - Kinetik Holdings Inc. (NYSE: KNTK), a midstream energy company, has announced a consistent quarterly cash dividend of $0.75 per share for the first quarter of 2024, which matches the previously disclosed rate. This dividend will be distributed on May 9, 2024, to shareholders who are on record as of the close of the market on April 29, 2024.
In addition to the dividend announcement, Kinetik confirmed it will host a conference call on May 9, 2024, at 8:00 am Central Daylight Time to discuss the financial results of the first quarter. The company plans to release its earnings report after the market closes on May 8, 2024.
Details for accessing the earnings release, the accompanying presentation, and the live webcast will be made available on Kinetik's investor relations website. A replay of the call will also be accessible through the website.
Kinetik also reminded investors of its Dividend Reinvestment Plan (DRIP), which allows shareholders to reinvest their dividends into additional shares of the company. The DRIP details are outlined in the company’s Form S-3 registration statement filed with the SEC on April 4, 2022, and can be found on the Kinetik website.
Shareholders interested in the DRIP can register through the Equiniti website or by contacting Equiniti Trust Company, the Plan Administrator, directly. For shareholders who hold common stock through a brokerage, Kinetik advises consulting with the broker on how to participate in the DRIP.
Based in Houston and Midland, Texas, Kinetik Holdings Inc. operates as a fully integrated midstream corporation in the Delaware Basin. The company specializes in providing a range of services including the gathering, transportation, compression, processing, and treating of natural gas, natural gas liquids, crude oil, and water.
This financial update is based on a press release statement from Kinetik Holdings Inc.
InvestingPro Insights
Kinetik Holdings Inc. (NYSE: KNTK) has recently maintained its quarterly cash dividend, reinforcing its commitment to providing shareholder value. In light of this news, it is noteworthy to mention that KNTK is trading at a low Price-to-Earnings (P/E) ratio relative to its near-term earnings growth.
This could indicate that the stock is potentially undervalued given its earnings outlook, making it an attractive option for value investors.
Moreover, Kinetik is known for paying a significant dividend to shareholders, which is corroborated by the latest dividend announcement. This aligns with one of the InvestingPro Tips, highlighting the company's consistent return to its investors. Additionally, the stock's low price volatility suggests that it may be a suitable pick for investors seeking stability in their portfolio.
InvestingPro Data also shows that Kinetik has been profitable over the last twelve months as of Q1 2023, which is a positive sign of the company's financial health. This profitability is further supported by analysts' predictions that the company will remain profitable this year.
For those looking to dive deeper into Kinetik's financials and stock performance, there are more InvestingPro Tips available. Subscribers can access these insights, which include analyses on valuation multiples and stock price trends, such as trading near a 52-week high and strong returns over the last three months. To explore these additional tips and make more informed investment decisions, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.