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HOUSTON - Kinetik Holdings Inc. (NYSE:KNTK), a midstream energy company with a market capitalization of $6.5 billion and a "GOOD" overall financial health rating according to InvestingPro, will dual list its common stock on NYSE Texas, the new fully electronic equities exchange based in Dallas, while maintaining its primary listing on the New York Stock Exchange, according to a company press release.
The energy midstream company will begin trading on NYSE Texas on Friday, July 18, under the same KNTK ticker symbol it uses on the NYSE.
"We are proud of our deep roots in Texas with significant operations spanning the Permian Basin and headquarters in Houston and Midland," said Jamie Welch, Kinetik’s President and Chief Executive Officer.
Chris Taylor, Chief Development Officer of NYSE Group, noted that "Kinetik’s premier service offerings in the Permian Basin will provide a valuable addition to NYSE Texas."
NYSE Texas is a newly launched exchange headquartered in Dallas, and Kinetik will join as a Founding Member.
Kinetik describes itself as a fully integrated, pure-play, Permian-to-Gulf Coast midstream corporation operating in the Delaware Basin. The company provides gathering, transportation, compression, processing and treating services for producers of natural gas, natural gas liquids, crude oil and water. With annual revenues exceeding $10 billion and strong profit margins, detailed analysis available through InvestingPro’s comprehensive research reports suggests the stock is currently undervalued based on their proprietary Fair Value model.
In other recent news, APA Corporation announced the completion of its New Mexico asset sale, generating approximately $575 million in net proceeds. This transaction, which closed in June, led to a reduction in APA’s second-quarter U.S. production by about 1.8 thousand barrels of oil equivalent per day. The company also reported curtailing certain U.S. natural gas and natural gas liquids production due to unfavorable pricing. APA disclosed its estimated average realized prices for the second quarter, with U.S. oil priced at $64.85 per barrel and international oil at $66.20 per barrel. In related developments, Permian Resources Corporation completed its acquisition of oil and natural gas properties in New Mexico from APA, although financial specifics were not disclosed. Analyst firm Benchmark reiterated its Buy rating on Apache stock with a $33 price target, despite adjusting its second-quarter EBITDA estimate to $1.20 billion. UBS raised its price target for Apache to $19, maintaining a Neutral rating, while Wolfe Research lowered its price target to $34 but kept an Outperform rating. Wolfe Research highlighted Apache’s potential for improved free cash flow and noted its unhedged production could benefit from current oil price strength.
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