BUZZ-Kodiak Gas Services falls from record on $750 mln stock sale
Kodiak Gas Services, Inc. KGS | 0.00 | |
Jpmorgan Chase JPM | 0.00 | |
Goldman Sachs Group, Inc. GS | 0.00 |
** Shares of energy infrastructure provider Kodiak Gas Services KGS.N down 5.5% before the bell to $71.56 after $750 mln follow-on priced
** The Woodlands, Texas-based firm early Thurs sells ~10.56 mln shares at $71
** Offering price represents 6.3% discount to stock's record high close of $75.74 on Weds
** KGS intends to use net offering proceeds to repay a portion of borrowings under its asset-based lending facility, and potentially for additional power generation equipment
** Goldman Sachs and JP Morgan are joint bookrunners among others
** KGS has ~88.8 mln shares outstanding
** Through Weds, shares up 102.5% YTD
** All 12 analysts are bullish on the stock including 4 "strong buy" ratings; median PT $69, according to latest LSEG data
