Why Kinetik (KNTK) Shares Are Trading Lower

Kinetik Holdings Inc KNTK shares are trading lower by 3.8% to $33.08 during Tuesday's session after the company increased the size of its secondary offering to 6.5 million shares of Class A common stock at $31.50 per share due to high investor interest.

Apache Midstream LLC, a subsidiary of Apache Corporation, is the selling stockholder in this offering, and Kinetik itself isn't selling any shares. The underwriters have an option to purchase an additional 975,000 shares.

Additionally, the company's officers and directors, including the CEO, are set to buy a total of 63,492 shares at the offering price through the underwriters. Kinetik won't receive proceeds from the stock sold by the selling stockholder.

According to data from Benzinga Pro, KNTK has a 52-week high of $37.17 and a 52-week low of $26.32.

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