Kinder Morgan (KMI) has received a new Buy rating, initiated by TD Cowen analyst, Jason Gabelman.
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Jason Gabelman has given his Buy rating due to a combination of factors that highlight Kinder Morgan’s strong growth potential. The company has experienced a significant increase in its project backlog, which has surged from $3 billion at the end of 2023 to $8.8 billion currently. This growth is driven by rising demand for LNG export capacity and data center expansion, positioning Kinder Morgan to capitalize on these trends.
Moreover, Kinder Morgan’s strategic footprint makes it well-suited to benefit from these demand tailwinds, particularly in the southern United States. The company is responsible for a substantial portion of natural gas deliveries to power plants and LNG feedgas. With several key projects underway, Kinder Morgan is poised for future growth, supported by a robust project pipeline and favorable market conditions. This outlook underpins Gabelman’s confidence in the company’s ability to deliver value to investors.
In another report released on June 23, Barclays also maintained a Buy rating on the stock with a $32.00 price target.