EQT affiliate sells $50 million in Kodiak Gas Services shares

NEW YORK - Frontier TopCo Partnership, L.P., an affiliate of EQT Infrastructure III and IV funds (NYSE:EQT), which has delivered a remarkable 61% return over the past year, completed the sale of approximately 1.5 million shares of Kodiak Gas Services, Inc. (NYSE:KGS) common stock for gross proceeds of about $50 million, according to a press release statement.

The transaction, which took place on Monday, involved Kodiak Gas Services repurchasing its own shares in a privately negotiated transaction under its previously announced share repurchase program.

Following the sale, the EQT affiliate now holds approximately 29.8 million shares of Kodiak Gas Services’ common stock.

The transaction represents a continuation of Kodiak’s existing share repurchase initiative, with the company buying back its shares from one of its significant investors.

Kodiak Gas Services is a provider of compression services for the oil and gas industry, while EQT is a global investment organization focused on infrastructure investments.

In other recent news, EQT Corporation reported second-quarter earnings that surpassed analyst expectations, with adjusted earnings per share reaching $0.45, compared to the consensus estimate of $0.42. Revenue for the quarter surged to $2.56 billion, significantly higher than the $1.76 billion forecasted by analysts. The company’s sales volume hit 568 Bcfe, reaching the high end of its guidance range, driven by strong well productivity and successful compression projects. Additionally, EQT and Canada Pension Plan Investment Board have agreed to acquire NEOGOV, a provider of human capital management software, from Warburg Pincus and Carlyle. This acquisition is expected to expand EQT’s portfolio in the technology sector. Piper Sandler recently raised its price target for EQT to $49, citing the company’s favorable positioning to benefit from long-term gas demand in Appalachia. The firm noted EQT’s expectation to realize a $250 million free cash flow uplift from new gas supply contracts and infrastructure projects by 2029. These developments reflect EQT’s strategic moves to enhance its operational capabilities and financial performance.

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