EQT liquidates Kodiak stake via pre-open block sale
EQT blew out its remaining holdings of Kodiak Gas Services via a US$337.8m secondary block offering priced pre-market open Monday, a selldown that comes less than a month after a similarly sized sale but without the benefit of a concurrent stock buyback.
Goldman Sachs offloaded its purchase of 9.76m shares at US$34.60, a 1.7% discount to the US$35.20 Friday closing price and the bottom of the US$34.60–$35.20 marketing range.
The Permian Basin-focused natural gas compression provider’s shares fell one cent Monday to close at US$35.19.
The selldown follows the block sale of 11m shares on November 11 priced at US$33.60 that was executed by Goldman Sachs ahead of the US market open. That sale included 1m shares Kodiak repurchased from EQT.
EQT acquired a majority stake in Kodiak in 2019 before seeing its ownership diluted to 79% on a US$256m all-primary IPO priced at US$16. The Swedish PE firm has sold its remaining 11.4% stake on the most recent selldown after having trimmed its holdings over five public selldowns earlier in 2025.
Kodiak is using excess cashflow to return money to shareholders. In addition to repurchasing US$70.3m worth of stock in 2025, the company increased its quarterly dividend by 9% in Q3 to 49 cents.
With the EQT overhang now removed, Kodiak will be able to spend excess cash on buybacks, dividends or M&A.