JPMorgan analyst Jeremy Tonet upgraded Kinetik Holdings to Overweight from Neutral with a price target of $40, up from $38. The company has attractive asset positioning and the eliminated DRIP underpins a favorable near-term setup, the analyst tells investors in a research note. The firm says combining one of the largest Permian processing positions with ownership stakes in two prominent Permian gas takeaway pipelines and the Shin Oak pipeline “creates clear downstream integration advantages” that separate Kinetik from its SMID-cap peers.
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