HOUSTON & MIDLAND, Texas - Kinetik Holdings Inc. (NYSE: KNTK), a Permian-to-Gulf Coast midstream corporation, announced the appointment of William Ordemann to its Board of Directors, effective as of Monday. Ordemann will also join the Audit and Governance & Sustainability Committees.
With a career spanning 38 years in the energy sector, Ordemann brings extensive experience to Kinetik, particularly in natural gas and other energy-related fields. His previous roles include executive positions at Enterprise Products Partners (NYSE:EPD) L.P., Shell Midstream (NYSE:SHLX) Enterprises, LLC, and Tejas Natural Gas Liquids, LLC. Ordemann's tenure at Enterprise Products Partners, where he served as an Executive Vice President, lasted two decades until his retirement in 2019.
Jamie Welch, President and CEO of Kinetik, expressed confidence in Ordemann's ability to contribute to the company, citing his broad industry knowledge and leadership skills.
Ordemann's appointment coincides with Ben Rodgers' resignation from the Board of Directors following Apache's complete divestiture from Kinetik. Welch thanked Rodgers for his service and contributions, particularly during the merger that formed Kinetik, and acknowledged the ongoing relationship with Apache, now a major customer.
Ordemann holds a BS in Chemical Engineering from Virginia Tech and has served on the boards of Oiltanking Partners, L.P. and the GPA Midstream Association.
Kinetik Holdings specializes in providing services such as gathering, transportation, compression, processing, and treating for natural gas, natural gas liquids, crude oil, and water. The company maintains a significant presence in both Midland and Houston, Texas.
This board change is part of Kinetik's ongoing strategy to strengthen its leadership and ensure effective execution of its business model. The information is based on a press release statement from Kinetik Holdings Inc.
InvestingPro Insights
As Kinetik Holdings Inc. (NYSE: KNTK) enhances its board with the appointment of William Ordemann, investors may find it opportune to look at the company's financial health and market performance. Kinetik, with its strategic focus on midstream services in the energy sector, has shown notable market activity.
InvestingPro data indicates that Kinetik is trading at a low P/E ratio of 7.53, suggesting that the stock may be undervalued relative to its near-term earnings growth. This is particularly interesting for value investors looking for opportunities where the market may not have fully recognized a company's earnings potential. In addition, Kinetik has demonstrated a significant dividend yield of 7.53%, rewarding shareholders and indicating a commitment to returning value.
The company's stock has been performing robustly, trading near its 52-week high with a price 98.59% of that peak. This is supported by a strong return over the last month of 14.18%, and an even more impressive three-month price total return of 25.42%. Such performance is indicative of positive investor sentiment and may reflect market confidence in the company's strategic moves, including the recent board appointment.
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Overall, Kinetik's financial metrics and market performance, coupled with strategic leadership appointments, paint a picture of a company that is both growing in its industry and rewarding its investors.
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