Kinetik drops as APA cashes out in secondary offering

Kinetik Holdings

14/03/2024 17:25

** Kinetik Holdings'  KNTK.N  shares down 3.5% at $35.62 on
Thurs after pipeline operator's secondary offering priced
    ** Co early Thurs announced ~11.4 mln shares sold by
subsidiary of APA Corp  APA.O , formerly known as Apache, at
$33.75
    ** Offering price represents 8.6% discount to KNTK last sale
on Weds
    ** Oil and gas producer APA would fully divest its stake in
Kinetik if offering over-allotment fully exercised, per the SEC
prospectus filing
    ** KNTK has ~59.6 mln Class A shares outstanding as of Mar
11
    ** With move on the session, KNTK up ~7% YTD and up nearly
20% over the past 12 months
    ** Goldman Sachs, BofA, J.P. Morgan and Mizuho leading the
secondary offering
    ** APA's shares off 0.4% at $32.44 on Thurs

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))