Kinetik Holdings (KNTK) delivered a 1Q26 EBITDA beat driven by marketing gains that offset volume curtailments. Goldman Sachs remains Buy-rated with a raised $54 price target, viewing the 2027+ growth outlook as constructive.
Key Takeaways
- 1.KNTK's 1Q26 EBITDA beat expectations as strong marketing gains offset volume curtailments caused by Permian pipeline egress constraints.
- 2.2026 EBITDA guidance was maintained ($950m-$1,050m) despite higher expected curtailments of ~220 mmcf/d.
- 3.Goldman Sachs increased its price target to $54 (from $48) based on stronger 2027+ volume upside and higher NGL synergy potential in a hypothetical M&A scenario.
Table of Contents
- Key Takeaways
- Earnings Summary
- Updating Estimates
- Valuation and Risks
- Disclosure Appendix
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Authors
John MackayJackie Koletas
Securities
KNTK
Themes
Permian Basin Pipeline Egress ConstraintsNGL Recontracting SynergiesMidstream M&A Potential
Regions
North AmericaUnited States