Goldman Sachs analyst John Mackay raised the price target on Kinetik Holdings, Inc. (NYSE: KNTK) to $54.00 (from $48.00) while maintaining a Buy rating.

The analyst comments "Following 1Q26 earnings, we refresh our estimates for Kinetik Holdings (KNTK, Buy). The quarter modestly beat our expectations on stronger marketing gains offsetting lower Pipeline EBITDA expectations. The company experienced higher curtailed volumes than expected and now sees stronger curtailments through the remainder of 2026 (now guiding to ~220 mmcf/d of curtailments on average vs. ~100 mmcf/d prior). However, similar to 1Q26, KNTK believes it will be able to mitigate its volumetric downside exposure through its Gulf Coast FT exposure/ optimization opportunities and maintained its 2026 EBITDA guidance for the year: $950-1,050m, vs. new GSe of $1,023m (vs. $1,063m prior) and FactSet consensus of $1,024m. While 2026 growth overall should be somewhat tempered by Permian pipeline egress constraints (Waha weakness), the company remains positive on 2027+ upside including ongoing cost reduction initiatives, incremental commercial agreements in 2H26, and a more favorable macro backdrop for Permian production overall. To that point, we see recent commercial wins and commentary on 2027+ as constructive, and we are still ahead of consensus on 2027 and 2028 EBITDA. Focus remains on KNTK's NGL recontracting upside (and implied synergy potential for M&A), Waha price and volume recovery timing, and underlying Permian activity trends. We increase our PT to $54 (from $48 prior) and remain Buy-rated."