Houston, Texas-based Kinder Morgan, Inc. (KMI) operates as an energy infrastructure company. Valued at $65.3 billion by market cap, the company owns and operates pipelines that transport natural gas, gasoline, crude oil, carbon dioxide, and other products, as well as terminals that store petroleum products and chemicals and handle bulk materials like coal and petroleum coke. Shares of this midstream giant have underperformed the broader market over the past year. KMI has gained 7.8% over this time frame, ...

Core Insights - Kinder Morgan Inc. (KMI) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 39 cents, exceeding the Zacks Consensus Estimate of 37 cents, and an increase from 32 cents year over year [1] - Total quarterly revenues reached $4.5 billion, surpassing the Zacks Consensus Estimate of $4.4 billion, and up from $4 billion in the prior-year quarter [1] Segmental Analysis - **Natural Gas Pipelines**: Adjusted earnings before depreciation, depletion, and amortization (EBDA) rose to $1.63 billion from $1.43 billion year over year, driven by higher contributions from the Texas Intrastate system, KinderHawk, and Outrigger Energy assets, with increased natural gas transport and gathering volumes [3] - **Product Pipelines**: EBDA for the segment was $307 million, up from $299 million a year ago, attributed to higher transport rates [4] - **Terminals**: Generated quarterly EBDA of $294 million, an increase from $282 million year over year, with liquids utilization at 92.9%, down from 95.2% in the prior-year quarter, supported by increased rates and ancillary fees at the Houston Ship Channel hub [5] - **CO2**: EBDA decreased to $145 million from $161 million in the year-ago quarter [5] Operational Highlights - Total expenses related to operations and maintenance were $787 million, up from $761 million year over year, while total operating costs increased to $3.14 billion from $2.88 billion [6] - KMI reported a project backlog of $10 billion at the end of the fourth quarter, with natural gas projects comprising approximately 90% of this backlog [6] Balance Sheet - As of December 31, 2025, KMI had $63 million in cash and cash equivalents, with long-term debt amounting to $30.6 billion [7] Outlook - For the current year, KMI projected net income attributable to the company at $3.1 billion and estimated adjusted EPS at $1.36 per share, with a budgeted Adjusted EBITDA for 2026 of $8.6 billion [8] - The company anticipates ending 2026 with a net debt-to-adjusted EBITDA ratio of 3.8x [8]

Core Viewpoint - Plains All American Pipeline is transitioning to a pure-play crude operator, aiming for more stable cash flows and stronger distribution growth following significant acquisitions and divestitures [1]. Group 1: Strategic Transactions - Plains acquired 100% ownership of the EPIC Crude pipeline system for approximately $1.3 billion, which includes around $500 million in debt [3][4]. - The acquisition was completed in two parts: a 55% stake from Diamondback and Kinetik, followed by a 45% interest from an Ares private equity portfolio company [4]. - The company plans to rename the EPIC system to Cactus III and integrate it with its existing Cactus long-haul infrastructure [4]. Group 2: Financial Projections - CEO Willie Chiang described the EPIC acquisitions as "highly synergistic and very strategic," projecting a mid-teens unlevered return [5]. - Management anticipates a 2026 adjusted EBITDA multiple of approximately 10x, with expectations for meaningful improvement in the coming years [5]. Group 3: Divestiture - Plains is selling its entire Canadian NGL business to Keyera for $5.15 billion, with the deal expected to close by the end of Q1 2026, pending regulatory approvals [6]. - Two of the three required approvals have been secured, including U.S. Hart-Scott-Rodino and Canadian Transportation Act approvals, while the Canadian Competition Bureau approval is still in progress [6]. Group 4: Operational Benefits - The EPIC acquisition allows Plains to control operatorship, facilitating synergy capture across the entire system [7]. - Near-term benefits include contractual step-ups, reduced operating costs, quality optimization opportunities, and better utilization of existing Permian and Eagle Ford assets [7]. - Long-term, the system offers expansion capacity that could enhance Gulf Coast access as demand increases [7]. Group 5: Contractual Stability - A significant portion of EPIC's contracts are long-term, with medium-duration agreements covering the remainder, positioning the pipeline for stable and growing cash flows [8]. - The acquisition extends Plains' weighted average contract duration from 2028 to October 2029 [9].

Core Viewpoint - Kinder Morgan, Inc. (NYSE:KMI) is recognized as one of the largest energy infrastructure companies in North America, with significant investments in natural gas projects that are expected to support stock performance in the coming years [2][3]. Group 1: Company Overview - Kinder Morgan operates approximately 79,000 miles of pipelines and 139 terminals, making it a key player in the energy infrastructure sector [2]. - The company has been actively investing in expansion, with $500 million worth of projects placed into commercial service in Q3 2025, including the $263 million Altamont Green River Pipeline project [4]. Group 2: Analyst Insights - Jefferies has lowered its price target for Kinder Morgan from $31 to $29 while maintaining a 'Hold' rating, indicating a 4% upside potential from the current share price [3]. - The analyst views Kinder Morgan's new gas projects as the 'clearest catalyst' for future stock support, although these projects may take time to reach commercialization [3]. Group 3: Future Projections - Kinder Morgan is forecasting an adjusted profit of $1.37 per share for 2026, which represents an 8% increase from its 2025 guidance [4]. - Several project completions are anticipated, including the Cumberland and Hiland Express projects expected to come online in Q1 2026, and the GCX expansion projected for completion in Q2 [4].

分组1 - Alpha Wealth Funds, LLC reported a return of 4.96% for the Insiders Fund in September 2025, with year-to-date returns reaching 21.37%, outperforming the S&P 500's September return of 3.65% and year-to-date return of 14.83% [1] - The fund highlighted Energy Transfer LP (NYSE:ET) as a key stock, which experienced a one-month return of -1.25% and a 52-week loss of 15.44% [2] - Energy Transfer LP operates as a midstream energy services provider, focusing on the transportation, processing, and exporting of hydrocarbons, with a current dividend yield of 7.7% based on its recent closing price [3] 分组2 - Energy Transfer LP was held by 35 hedge fund portfolios at the end of Q3 2025, a slight decrease from 36 in the previous quarter, indicating a stable interest among hedge funds [4] - Despite the potential of Energy Transfer LP, some analysts suggest that certain AI stocks may offer greater upside potential and lower downside risk [4] - The company was also mentioned in discussions about undervalued stocks, particularly those priced under $20, indicating a focus on value investment opportunities [5]

Core Insights - Kinder Morgan Inc. (KMI) reported third-quarter 2025 adjusted earnings per share of 29 cents, meeting the Zacks Consensus Estimate and increasing from 25 cents year over year [1][9] - Total quarterly revenues reached $4.15 billion, surpassing the Zacks Consensus Estimate of $4.13 billion and up from $3.70 billion in the prior-year quarter [1][9] Business Performance - The in-line earnings and better-than-expected revenue were primarily driven by activities related to natural gas pipelines [2] - Natural Gas Pipelines segment saw adjusted earnings before depreciation, depletion, and amortization (EBDA) rise to $1.4 billion from $1.27 billion year over year, benefiting from higher transported and gathering volumes [3] - Product Pipelines segment's EBDA increased to $288 million from $276 million, attributed to higher diesel fuel volumes [4] - Terminals segment generated EBDA of $274 million, up from $267 million, with liquids utilization at 94.6% [4] - CO2 segment's EBDA decreased to $136 million from $160 million year over year [5] Operational Highlights - Total expenses related to operations and maintenance were $786 million, down from $790 million a year ago, while total operating costs increased to $3.08 billion from $2.68 billion [6] - KMI reported a project backlog of $9.3 billion at the end of the September quarter, with a significant portion related to natural gas projects [6] Financial Position - As of September 30, 2025, KMI had $71 million in cash and cash equivalents, with long-term debt amounting to $31.3 billion [7] Future Outlook - For the year, KMI projected net income attributable to the company at $2.8 billion and estimated adjusted EPS at $1.27, with a net debt-to-adjusted EBITDA ratio anticipated at 3.8x by the end of 2025 [8]

Group 1 - Kinder Morgan, Inc. (NYSE:KMI) is recognized as one of the 15 best natural gas and oil dividend stocks to buy currently [1] - The company paid dividends totaling $1.3 billion in the first half of 2025, with a quarterly dividend of $0.2925 per share declared in July, representing an annualized dividend of $1.17 per share, which is a 2% increase from 2024 [2] - Kinder Morgan has a solid backlog of $9.3 billion at the end of Q2 2025, providing ample room for growth in cash flows and shareholder returns [3] Group 2 - The ongoing LNG boom presents significant growth opportunities for Kinder Morgan, as 40% of all American LNG exports flow through its pipelines [4] - The company operates approximately 79,000 miles of pipelines and 139 terminals, making it one of the largest energy infrastructure companies in North America [4] - Changes in tax rules are expected to allow Kinder Morgan to avoid paying cash taxes in 2026 and 2027, which will support cash flows significantly [3]