Kinetik could be up 5%-8% on FT article, says Clear Street

Clear Street says Kinetik Holdings (KNTK) shares could be up 5%-8% this morning after the Financial Times reported on potential takeover interest from Western Midstream Partners (WES). The article says this in the early stage of discussions and no formal bid has occurred, the analyst tells investors in a research note. Clear Street would not be surprised if Kinetik began considering a sale process over the past few months when the stock price was trading below $40. The firm has a Buy rating on the shares with a $52 price target. The stock in premarket trading is up 6% to $47.26.