Kinder Morgan (KMI) experienced a mixed bag of results for Q3. The company failed to meet both the top and bottom-line expectations, leading to a revision in 2024 earnings guidance due to lower oil prices. However, it also reported strong net income growth amidst lower revenues, and a notable 17.5% surge in Q3 profits. The company's decision to boost natural gas capacity in Texas, along with the Permian GCX expansion, highlights its proactive strategy despite weak gas prices. Furthermore, a recent agreement with Golden Pass LNG for 2.8 Bcf/d KMI pipeline capacity reflects KMI's robust core business operations. However, the construction of Kinder Morgan's Tennessee pipeline has been delayed, and the company's stock fell, underperforming the market. Institutional investors currently control 67% of Kinder Morgan, possibly following a 4.7% stock increase that happened last week. Notably, Goldman Sachs and Truist both raised their stock targets for KMI, expressing positive sentiment towards the company's future performance. Despite mixed Q3 results, investment experts recommend holding Kinder Morgan stock due to the promising outlook on natural gas growth. However, certain earnings have been shrinking, and a decent return on over 54% for KMI shareholders over the past year signals potential concerns in the long run.
Kinder Morgan KMI News Analytics from Fri, 28 Jun 2024 07:00:00 GMT to Sat, 19 Oct 2024 11:37:27 GMT -
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