Why These Energy Stocks Are Losing This Week

7. Kinetik Holdings Inc. (NYSE:KNTK)

Share Price Decline Between June 3 – June 10: 6.09%

Kinetik Holdings Inc. (NYSE:KNTK) is the premier midstream operator in the Delaware Basin, providing gathering, compression, processing, transportation, and water management services.

Kinetik Holdings Inc. (NYSE:KNTK) fell under pressure last week after ISQ Global Fund II GP LLC sold over 4 million shares of the company for $188.2 million.

Moreover, Citi analyst Spiro Dounis recently added a ‘downside 30-day short-term view’ on the shares of Kinetik Holdings Inc. (NYSE:KNTK), while maintaining a Buy rating and a price target of $55. The analyst highlighted two events tied to Kinetik’s Durango acquisition that could represent a short-term overhang. These include the expiration of a lock-up period on June 24 and deferred compensation due on July 1, representing 7% of the total shares outstanding of KNTK. The analyst believes that the potential influx of these shares may lead to Kinetik’s stock being range-bound in the coming month.