| Yesterday | ||||
Kinetik Holdings… Kinetik Holdings announced that the board of directors has approved and declared a two-for-one split of the company's common stock in the form of a stock dividend. The company anticipates that the stock split will increase liquidity in the trading of the company's stock and will make its stock more accessible to its employees and investors. The stock split will be accomplished by distributing one additional share of Class A common stock for each share of Class A common stock outstanding and one additional share of Class C common stock for each share of Class C common stock outstanding. The additional shares of common stock will be issued on Wednesday, June 8 to holders of record as of the close of business on Tuesday, May 31. Trading of the Class A common stock will begin on a stock split-adjusted basis on Thursday, June 9. After giving effect to the stock split, Kinetik expects to have in total approximately 135M shares of common stock outstanding. Beginning with the second quarter 2022 dividend, the quarterly dividend on the company's common Stock will be 75c per share. | ||||
| Tuesday | ||||
Latest data shows the… Latest data shows the largest indicative borrow rate increases among liquid option names include: Beyond Meat (BYND) 22.79% +4.41, Nikola (NKLA) 28.88% +2.91, Desktop Metal (DM) 7.15% +1.47, (SMR) 22.70% +0.90, Fisker (FSR) 28.28% +0.86, Sono Group (SEV) 72.97% +0.82, Stellantis NV (STLA) 0.79% +0.43, Hashicorp (HCP) 26.77% +0.39, Canopy Growth (CGC) 28.80% +0.27, and Energy Transfer (ET) 0.67% +0.26. | ||||
| Monday | ||||
Gulf Coast Express… Gulf Coast Express Pipeline announced an open season to solicit commitments for an expansion project on its system. Upon achieving a final investment decision, the project will increase GCX's capacity by nearly 570 million cubic feet per day. The project will involve primarily compression expansions on the GCX system to increase natural gas deliveries from the Permian Basin to South Texas markets. Pending customer commitments, the target in-service date for the project is December 1, 2023. The open season begins May 16, 2022, and ends June 6, 2022, at 5 p.m. Central Time, though GCX reserves the right to extend the open season as needed. GCX is jointly owned by subsidiaries of Kinder Morgan, Inc. (KMI), DCP Midstream, LP (DCP), an affiliate of ArcLight Capital Partners, LLC, and Kinetik Holdings Inc. (KNTK) with an ownership interest of 34%, 25%, 25% and 16% respectively. Kinder Morgan Texas Pipeline is the operator of GCX. | ||||
As of March 31, 2022,… As of March 31, 2022, cash, cash equivalents and marketable securities were $151.3 million, as compared with $166.0 million as of December 31, 2021. Based on its current operating plan, Terns expects these funds will be sufficient to support its planned operating expenses into 2025. | ||||
"The Terns team has… "The Terns team has continued to advance our pipeline with the opening of our combination therapy IND for NASH and the commencement of key IND-enabling activities in our GLP-1 program in obesity, along with the initiation of a clinical trial for TERN-701 in chronic myeloid leukemia by Hansoh, our development partner in China," said Senthil Sundaram, chief executive officer at Terns. "As we continue this momentum across our diverse pipeline, we remain committed to a prudent approach to funding our operations. Following a strategic review of our pipeline, we have decided to focus our resources on advancing our most promising pipeline candidates: TERN-501, including combination therapy development with TERN-101, TERN-601, our oral, small-molecule GLP-1 candidate, and supporting our partner's clinical development of TERN-701 for CML in China. This decision extends our expected cash runway into 2025, enabling key expected clinical trial readouts across three indications for TERN-501, TERN-601, and TERN-701 during that time period." | ||||
Kinetik published its… Kinetik published its Sustainability-Linked Financing Framework, which links its Environmental, Social and Governance, ESG, commitments to the Company's broader financing strategy. "Together with our upcoming Sustainability Report to be released this summer, today's announcement strengthens our commitment to positively impact climate change and build an even more diverse and inclusive culture in our workplace," said Jamie Welch, President and CEO. "We strongly believe that integrating sustainability initiatives into our business decisions and financing strategy is essential to creating value for our stakeholders and is quite simply good business. These measures accelerate our move towards achieving net-zero greenhouse gas emissions by 2050 while also advancing our overall commitment to diversity, equity and inclusion." The following key performance indicators have been selected to measure progress against Kinetik's environmental and social sustainability performance targets: Greenhouse Gas Emissions Intensity; Methane Emissions Intensity; Female Representation in Corporate Officer Positions. These KPIs provide transparency and ensure meaningful progress is made towards Kinetik's SPTs, which align with Kinetik's long-term ESG initiatives and commitments. The designated SPTs are as follows: Reduce GHG emissions intensity by 35% by 2030, relative to the 2021 baseline. Reduce methane emissions intensity by 30% by 2030, relative to the 2021 baseline. Increase female representation in corporate officer positions to 20% by year end 2026. | |
Credit Suisse analyst… Credit Suisse analyst Spiro Dounis raised the firm's price target on Kinetik Holdings to $80 from $72 to reflect improved cash flow outlook on higher expected G&P volumes and PHP/GCX expansions. The analyst keeps an Outperform rating on the shares. |
| Over a week ago | ||||
Carl Icahn's Icahn… Carl Icahn's Icahn Capital disclosed in an SEC filing its holdings as of March 31, 2022. The fund's one new buy during the first quarter included International Flavors (IFF). Icahn exicted one position during the quarter, namely Occidental (OXY). The fund reduced its stake in three holdings, including by size of previous position Cheniere Energy (LNG), Newell Brands (NWLL), and Delek (DK). Icahn's top holdings as of March 31, in order of size, were Icahn Enterprises (IEP), CVR Energy (CVI), Cheniere, FirstEnergy (FE), and Bausch Health (BHC). | ||||
JPMorgan analyst Jeremy… JPMorgan analyst Jeremy Tonet raised the firm's price target on Cheniere Energy to $192 from $183 and keeps an Overweight rating on the shares. The Q1 EBITDA beat and guidance increase far surpassed expectations and highlights the company's "substantial upside optionality," Tonet tells investors in a research note. | ||||
Mizuho analyst Gabriel… Mizuho analyst Gabriel Moreen raised the firm's price target on Kinetik Holdings to $78 from $76 and keeps a Buy rating on the shares. The company reported a strong quarter with a "soft" 2022 guidance raise bolstering optimism for growth accelerating beyond initial expectations, Moreen tells investors in a research note. | ||||
