RBC Capital analyst Elvira Scotto raised the firm’s price target on Kodiak Gas Services to $35 from $31 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 along with the other compression providers, Kodiak is set to capture incremental growth from the strong natural gas demand outlook that would drive additional need for compression horsepower.
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