BUZZ-Kodiak Gas Services eases after $750 mln stock sale unveiled
Kodiak Gas Services, Inc. KGS | 0.00 | |
Jpmorgan Chase JPM | 0.00 | |
Goldman Sachs Group, Inc. GS | 0.00 |
** Energy infrastructure provider Kodiak Gas Services' KGS.N shares down 5.6% in extended trading to $71.48 on planned equity raise
** KGS stock rose 0.8% to record high close of $75.74 on Weds, up 102.5% YTD
** The Woodlands, Texas-based firm after the bell commences $750 mln stock offering
** It 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 joint bookrunners
** KGS has ~88.77 mln shares outstanding for about $6.7 bln market cap
** All 13 analysts are bullish on the stock including 5 "strong buy" ratings; median PT $69, per LSEG data
