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HOUSTON – Kinetik Holdings Inc. (NYSE:KNTK), a company specializing in natural gas transmission with a market capitalization of $8.13 billion, announced the immediate resignation of board member Jesse Krynak on Monday. Krynak, who has chosen not to seek reelection at the upcoming annual meeting of stockholders, leaves the board without citing disagreements with the company’s operations, policies, or practices. According to InvestingPro data, the company maintains a GOOD financial health score of 2.57, suggesting stable operational performance.
The departure, as stated in the company’s recent 8-K filing with the Securities and Exchange Commission, is not related to any internal conflict. Kinetik Holdings, headquartered in Houston, Texas, and incorporated in Delaware, has confirmed the departure through a formal notice on March 13, 2025.
Krynak’s decision to step down does not appear to stem from any disputes or issues with the company’s leadership or strategic direction. The company’s filing did not elaborate on the reasons for Krynak’s resignation or any plans for his replacement on the board.
Kinetik Holdings, formerly known as Altus Midstream Co and Kayne Anderson Acquisition Corp, has seen changes in its corporate structure in the past. However, this latest development in the board’s composition is reported as a personal decision by Krynak rather than a reflection of the company’s performance or outlook.
The company’s stock, which is listed on the New York Stock Exchange under the symbol KNTK, may react to this news as investors and stakeholders assess the implications of Krynak’s departure. The stock has demonstrated strong performance, posting a 50.25% return over the past year, though InvestingPro analysis suggests it’s currently trading above its Fair Value. The company emphasizes that the resignation was not due to any form of discord within the organization. For deeper insights into KNTK’s valuation and performance metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
As Kinetik Holdings proceeds towards its annual meeting of stockholders, the focus will likely shift to the election of directors and the appointment of new officers, if necessary, to fill the vacancy left by Krynak. The company has maintained a consistent track record of shareholder returns, having raised its dividend for three consecutive years, with a current dividend yield of 6.01%. InvestingPro subscribers can access additional insights, including 12 more ProTips and detailed financial metrics that provide a comprehensive view of the company’s performance and outlook.
The information provided in this article is based on a press release statement from Kinetik Holdings Inc. and aims to present the facts surrounding the recent change in the company’s board of directors.
In other recent news, Kinetik Holdings Inc. reported its fourth-quarter 2024 financial results, revealing a significant miss in both earnings per share (EPS) and revenue compared to analysts’ expectations. The company recorded an EPS of $0.01, which was below the forecasted $0.48, and revenue of $385.72 million, falling short of the anticipated $393.45 million. Despite these setbacks, Kinetik demonstrated a 16% increase in full-year adjusted EBITDA, reaching $971 million, and provided positive EBITDA guidance for 2025. RBC Capital Markets adjusted its outlook on Kinetik, lowering the stock’s price target from $67.00 to $63.00 while maintaining an Outperform rating, citing the company’s strategic positioning in the Permian Basin as a key growth factor. The firm’s confidence is supported by Kinetik’s upcoming Kings Landing 1 project and its potential as an acquisition target due to valuable assets. The revision in the price target follows Kinetik’s recent financial results and increased capital expenditures. Investors are keeping a close watch on Kinetik’s developments as it navigates the competitive energy sector landscape.
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