Kinetik Holdings Inc

KNTK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$65.00	Wrdp	Xqltfwpy

Kinetik Earnings: Durango Acquisition Drives Full-Year Guidance Revision

Stephen Ellis ,

Aug 8, 2024

The second quarter was busy for no-moat Kinetik, as it completed the Durango acquisition and Gulf Coast Express sale. As we mentioned in our May 10 note, these deals do not provide a huge boost to fair value because they will require significant capital investment to tie into existing operations. What they allow is a much greater scale for Kinetik to increase fees by adding services and leverage for developing or buying into pipeline projects that take molecules out of the basin. This quarter offered few surprises, and we are leaving our $40 fair value estimate unchanged.

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