RBC Capital raised the firm’s price target on Kinetik Holdings to $52 from $46 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results for U.S. Midstream names. The firm is updating its models to reflect shifts in commodity prices, hurricane impact, and dry gas production weakness, adding that it expects most companies to maintain 2024 outlooks, the analyst tells investors in a research note. For the company, RBC believes that growth in the New Mexico operations can provide “meaningful uplift” to results, supported by Kings Landing I coming online in April 2025 and the anticipated FID of Kings Landing II currently expected to be in service in August 2026.
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