Kinetik Holdings price target raised to $42 from $39 at Mizuho

Mizuho raised the firm’s price target on Kinetik Holdings to $42 from $39 and keeps a Buy rating on the shares. Kinetik has outperformed its midstream peers year-to-date, seeming to benefit from broader appreciation of its operating leverage in the Permian, a 2024 earnings outlook that is insulated against and could benefit from negative Waha gas prices, and strong operational messaging, the analyst tells investors in a research note. The firm believes Kinetik’s story appears “simpler” in the year-ahead with relatively modest capex needs and more tempered expectations around a potential GCX asset sale.