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Kinetik Holdings Stock Jumps 5% on Report of Potential Sale Exploration
Shares of Kinetik Holdings Inc. (NYSE:KNTK) jumped 5% in after-hours trading Wednesday after a report emerged that the energy pipeline company is exploring strategic options, including a potential sale.
Potential Sale Process
According to Bloomberg News, citing people familiar with the matter, the company is working with advisers to prepare for a sale process that could begin within the next few weeks. The sources cautioned that no final decision has been made and that Kinetik could ultimately opt to remain an independent company.
Representatives for Kinetik and Blackstone Inc. (NYSE:BX), which partly owns the pipeline operator, declined to comment on the matter, according to the report.
AdMarket Reaction
The report spurred a late rally in the company's stock. Kinetik shares had closed the regular trading session down 0.8% at $54.55, which valued the company at a market capitalization of approximately $8.9 billion.
The potential for a sale comes after a period of strong performance for the stock, which has gained 30% over the past year. This appreciation could make the company an attractive acquisition target for other players in the energy infrastructure sector.
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