Kinetik Holdings, Inc. (KNTK) PT Raised to $42 at Goldman Sachs

Goldman Sachs analyst John Mackay raised the price target on Kinetik Holdings, Inc. (NYSE: KNTK) to $42.00 (from $40.00) while maintaining a Buy rating.

The analyst comments "Ahead of 4Q25 earnings, we refresh our estimates for Kinetik Holdings (KNTK, Buy). For 4Q25 EBITDA, we expect $238m vs. our prior estimate of $243m (-2%) after marking-to-market Waha price/volume impacts; we remain below consensus of $247m (-4%) and are on the lower-end of guidance. Full quarter contributions from Kings Landing I remain the largest sequential driver of growth, somewhat offset by Southern Delaware volume declines from ongoing curtailments/ production delays. Looking to 2026, we expect $1,032m vs. $1,114m prior (-7%) after reflecting a weaker YE25 exit-rate, below consensus of $1,074m (-4%), but closer to where we believe investor expectations already sit. We would expect 2026 guidance to screen conservative, given the volatile Waha outlook (and for oil broadly), with color around sensitivities and/or downside cases the key debate from here. More broadly, if Waha questions can be addressed, we believe the focus can turn back to: 1) growth tailwinds on the Northern Delaware footprint, 2) self-help initiatives (notably lower progress towards losing T&F, power, and compression costs), 3) improving capital allocation flexibility, and 4) the right longer-term strategic fit for KNTK. We increase our price target to $42 (from $40) and remain Buy rated."

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