Kodiak Gas Services slips as EQT exits in $338 mln stock sale

Kodiak Gas Services

01/12/2025 14:27

Updates with pricing details

** Kodiak Gas Services' KGS.N shares down 1.1% before the bell at $34.80 as EQT AB EQTAB.ST divests its remaining approx 11% stake

** Oil and gas compression services provider says ~9.77 mln share secondary offering by the Swedish private equity firm priced at $34.60, for deal size of about $337.8 mln

** Offering price represents 1.7% discount to stock's last close

** Post-offering, EQT will not beneficially own any KGS shares and will no longer have the right to nominate members to co's board of directors

** Goldman Sachs sole underwriter for offering

** Last month, EQT sold 10 mln KGS shares in secondary offering priced at $33.60

** The Woodlands, Texas-based KGS has ~86.68 mln shares outstanding

** Through Fri close, KGS shares down ~14% YTD

** 12 of 13 analysts rate KGS "strong buy" or "buy", 1 rates "hold" and median PT is $44, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))