Citi opens a 30-day short-term view with Kinetik Holdings
City analyst Spirodonis will add a “30-day short-term view” to shares in Kinetik Holdings (kntk) While maintaining the purchase rating of the name for $55 Price target The company believes that two events related to the Durango acquisition could represent short-term overhangs. With the June 24 lockup expiration date and July 1 rewards postponed, up to 11.5 million shares could be on the market, accounting for 7% of total stock. Citi estimates that if these stocks were monetized, it would take more than nine days for them to be absorbed into the market based on their 30-day average volume level. The company continues to see it as “long-term persuasive”, but Kinetic believes it could be bound by range next month as more equity could be put on the market.
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