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Kinder Morgan
(NYSE:KMI)
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Rating:72Outperform
Price Target:
$36.00
▲(12.43% Upside)
Action:Reiterated
Date:05/29/26
KMI’s score is driven primarily by strong cash-flow-based financial performance and a highly positive earnings call with raised outlook, backlog growth, and strong utilization. Valuation is supportive via a solid dividend yield, while near-term technical signals are mixed/neutral, limiting the overall score.
Positive Factors
Cash generation
Sustained high operating cash flow and improving free cash flow provide durable internal funding for dividends, maintenance and growth capex, and backlog execution. This reduces reliance on external financing and supports long‑term capital allocation across projects and shareholder returns.
Negative Factors
Moderate leverage
Material leverage is common in midstream but limits financial flexibility and raises interest‑rate and refinancing sensitivity. At ~3.6x net debt/EBITDA, incremental capex or slower cash conversion could pressure ratings, constrain M&A optionality, or require higher cash allocation to debt service over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained high operating cash flow and improving free cash flow provide durable internal funding for dividends, maintenance and growth capex, and backlog execution. This reduces reliance on external financing and supports long‑term capital allocation across projects and shareholder returns.
Read all positive factors
Kinder Morgan Key Performance Indicators (KPIs)
Any
Average Net Oil Production
Measures the average amount of oil produced, reflecting operational efficiency and the company's capacity to meet market demand.
Measures the average amount of oil produced, reflecting operational efficiency and the company's capacity to meet market demand.
Data provided by:
The Fly
The FlyKinder Morgan (KMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$70.28B
Dividend Yield4.27%
Average Volume (3M)9.87M
Price to Earnings (P/E)21.2
Beta (1Y)0.36
Revenue Growth12.38%
EPS Growth28.17%
CountryUS
Employees10,933
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.49
Shares Outstanding2,224,825,700
10 Day Avg. Volume10,157,156
30 Day Avg. Volume9,872,400
Financial Highlights & Ratios
PEG Ratio1.17
Price to Book (P/B)1.96
Price to Sales (P/S)3.61
P/FCF Ratio18.99
Enterprise Value/Market Cap1.45
Enterprise Value/Revenue5.80
Enterprise Value/Gross Profit12.36
Enterprise Value/Ebitda12.97
Forecast
1Y Price Target
$36.44Price Target Upside13.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)1.47
Revenue Forecast (FY)$18.00B
Kinder Morgan Business Overview & Revenue Model
Company Description
Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America. Its extensive operations are categorized into four primary business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural ...
How the Company Makes Money
Kinder Morgan primarily makes money by providing fee-based “midstream” services—moving, storing, and handling energy commodities—rather than by taking large direct exposure to commodity prices. A significant portion of revenue is earned through lo...
Kinder Morgan Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call communicated materially positive operational and financial momentum: strong quarter-to-quarter earnings growth (large EPS and EBITDA increases), improved leverage and a credit upgrade, expanding project backlog, strategic acquisition (Monument), high utilization across pipelines and terminals, and meaningful storage and RNG operational improvements. Lowlights are largely execution/permitting risks on certain expansions (e.g., Northeast, Western Gateway), modest declines in some product volumes driven by asset conversions, temporary commodity/market dislocations, and limited near-term carbon capture opportunities. On balance, the positives—robust earnings beat, strengthened balance sheet, backlog growth, and contract-backed assets—substantially outweigh the highlighted challenges.Positive Updates
Strong Earnings and Profitability Growth
Net income attributable to KMI of $976 million and EPS of $0.44 for Q1 2026, which are 36% and 38% above Q1 2025, respectively; adjusted EPS up 41% and EBITDA up 18% year-over-year.
Negative Updates
Refined Products and Crude Volume Pressure
Refined product volumes down 2% YoY and crude/condensate volumes reported down 12% YoY (largely due to Double H pipeline removal for NGL conversion); excluding Double H, crude/condensate volumes were up ~2%.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Earnings and Profitability Growth
Net income attributable to KMI of $976 million and EPS of $0.44 for Q1 2026, which are 36% and 38% above Q1 2025, respectively; adjusted EPS up 41% and EBITDA up 18% year-over-year.
Read all positive updates
Company Guidance
Management raised full‑year expectations, now projecting adjusted EBITDA to be >3% ahead of budget (over $250M of upside) after a strong Q1 that produced net income attributable to KMI of $976M and EPS of $0.44 (Q1 increases of 36% and 38%), with adjusted EPS up 41% and EBITDA up 18%. Operational strength included transport volumes +8%, gathering volumes +15% (KinderHawk/Haynesville +34%), CO2 oil production +2% (SACROC +5%), NGLs +5%, CO2 volumes +1% and RNG +63%; the five largest gas pipelines are >90% utilized and Kinder Morgan forecasts U.S. gas demand of ~150 Bcf/day by 2031 (~27% growth from this year). Growth backlog rose to $10.1B (up $145M QoQ) with $375M of new projects added, $230M placed in service, a backlog multiple <6x and average in‑service date of Q1 2028 (three largest projects >50% of backlog on time and on budget); management is advancing opportunities to serve >10 Bcf/day of power demand and 3 Bcf/day of LNG. On capital and liquidity, Kinder announced the ~ $500M Monument acquisition (WACL ~9 years, >90% utilities/industrials, medium‑term target multiple <8x), generated $1.49B cash from ops in Q1, spent $800M capex and $650M dividends, saw net debt rise ~$82M to a net debt/adjusted EBITDA of ~3.6x (down from 3.8x, expected ~3.7x at year‑end 2026), declared a $0.2975 quarterly dividend ($1.19 annualized, +2%), and highlighted >700 Bcf of storage, 78,000 miles of pipeline and 136 terminals with tanks ~99% utilized in key hubs.Kinder Morgan Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.52B | 16.95B | 15.07B | 15.16B | 19.55B | 17.53B |
| Gross Profit | 8.23B | 7.40B | 5.53B | 5.13B | 5.50B | 6.37B |
| EBITDA | 7.84B | 7.48B | 7.63B | 7.25B | 7.03B | 5.85B |
| Net Income | 3.31B | 3.06B | 2.61B | 2.39B | 2.55B | 1.78B |
Balance Sheet | ||||||
| Total Assets | 73.07B | 74.55B | 71.41B | 71.02B | 70.08B | 72.37B |
| Cash, Cash Equivalents and Short-Term Investments | 72.00M | 109.00M | 88.00M | 83.00M | 745.00M | 1.14B |
| Total Debt | 32.06B | 32.39B | 32.34B | 32.63B | 32.31B | 33.91B |
| Total Liabilities | 40.49B | 42.10B | 39.54B | 39.29B | 37.96B | 40.45B |
| Stockholders Equity | 31.32B | 31.16B | 30.53B | 30.31B | 30.74B | 30.82B |
Cash Flow | ||||||
| Free Cash Flow | 3.89B | 3.22B | 3.01B | 4.15B | 3.35B | 4.43B |
| Operating Cash Flow | 6.31B | 6.25B | 5.63B | 6.49B | 4.97B | 5.71B |
| Investing Cash Flow | -2.63B | -3.51B | -2.63B | -4.17B | -2.17B | -2.31B |
| Financing Cash Flow | -3.79B | -2.84B | -2.89B | -3.01B | -3.15B | -3.46B |
Kinder Morgan Technical Analysis
Negative
32.02
Price Trends
32.12
Negative
32.34
Negative
29.62
Positive
Market Momentum
0.04
Negative
49.56
Neutral
36.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KMI, the sentiment is Negative. The current price of 32.02 is above the 20-day moving average (MA) of 31.93, below the 50-day MA of 32.12, and above the 200-day MA of 29.62, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 49.56 is Neutral, neither overbought nor oversold. The STOCH value of 36.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KMI.
Kinder Morgan Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $66.52B | 14.43 | 13.97% | 8.04% | 12.46% | -10.48% | |
73 Outperform | $55.34B | 15.63 | 15.92% | 5.61% | 41.04% | 9.18% | |
73 Outperform | $58.00B | 12.35 | 33.27% | 7.31% | 3.18% | 6.43% | |
72 Outperform | $70.28B | 21.20 | 10.69% | 4.27% | 12.38% | 28.17% | |
71 Outperform | $79.51B | 13.61 | 20.04% | 6.72% | -9.49% | 1.01% | |
68 Neutral | $89.43B | 31.50 | 22.37% | 3.35% | 9.99% | 22.02% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
KMI
Kinder Morgan
32.06
4.78
17.52%
ET
Energy Transfer
19.33
2.65
15.89%
EPD
Enterprise Products Partners
36.75
7.24
24.52%
OKE
Oneok
87.83
9.98
12.82%
WMB
Williams Co
73.14
16.30
28.68%
MPLX
MPLX
57.16
9.98
21.15%
Kinder Morgan Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Kinder Morgan Expands Revolving Credit Facility and Liquidity
Positive
May 28, 2026
On May 21, 2026, Kinder Morgan, Inc. entered into an Amended and Restated Revolving Credit Agreement with Barclays Bank PLC and a syndicate of lenders, replacing its prior $3.5 billion revolving credit facility dated August 20, 2021. The new arran...
Executive/Board ChangesShareholder Meetings
Kinder Morgan Shareholders Back Board, Auditor and Pay
Positive
May 19, 2026
Kinder Morgan, Inc. held its 2026 Annual Meeting of Stockholders on May 13, 2026, with 1,974,609,446 common shares represented, sufficient to constitute a quorum for conducting business. Shareholders voted on the election of directors, ratificatio...
Business Operations and Strategy
Kinder Morgan Schedules Investor Conferences, Highlights Ongoing Outreach
Positive
May 15, 2026
On May 14, 2026, Kinder Morgan, Inc. said its representatives plan to meet investors at the EIC Annual Energy Infrastructure Investor Conference on May 19 and the Bernstein Strategic Decisions Conference on May 27 to discuss the company’s bu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.