Kinetik rises after report says pipeline operator exploring sale

Investment firm Blackstone (BX.N) controls around 48% of Kinetik, while infrastructure investor I Squared Capital owns roughly 19%.

Kinetik and Blackstone declined to comment. I Squared did not respond to a comment request.

KNTK shares have risen 51% year to date.

Shares of pipeline operator Kinetik Holdings KNTK.N rose 2.3% to $56.89 in premarket trading after Reuters reported that the company is in the early stages of exploring a potential sale.

Reuters, citing three sources familiar with the matter, said Kinetik is working with advisers on the process and that no deal was guaranteed.