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Kinder Morgan Inc Class P KMI

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Stock XNYS Rating as of
$18.78 +0.55 (3.02%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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Kinder Morgan Earnings: AI Growth Likely to Add Second Leg to Gas Demand on Top of US LNG Exports

Stephen Ellis

Kinder Morgan’s first-quarter earnings and 2024 outlook met our expectations. 2024 EBITDA is expected to be about $8.16 billion, up 8% from 2023, within striking distance of our $8.2 billion forecast. The growth is despite the weakness in US natural gas prices, as healthy results from storage, gathering volumes, and the recently completed STX Midstream deal helped. That said, gathering volumes are trending lower than initially expected due to price weakness, so Kinder expects to delay about 10% of its planned 2024 gathering and processing spending until the market can support it. After slightly increasing our long-term estimates for growth, we expect to increase our fair value estimate to $22 from $20 per share.

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Price vs Fair Value

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KMI is trading within a range we consider fairly valued.
Price
$18.17
Fair Value
$36.00
Uncertainty
Medium
1-Star Price
$64.90
5-Star Price
$38.30
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Kinder Morgan's natural gas midstream footprint is unrivaled in North America, giving it high-return investment opportunities as gas supply/demand fundamentals shift.

Bears

Kinder has yet to pursue stakeholder partnerships for new pipeline projects like its large Canadian peers have done, which could help improve stakeholder relations.

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Trading Information

Previous Close Price
$18.23
Day Range
$18.26–18.89
52-Week Range
$15.90–18.89
Bid/Ask
$18.79 / $18.80
Market Cap
$41.64 Bil
Volume/Avg
15.4 Mil / 13.8 Mil

Key Statistics

Price/Earnings (Normalized)
16.59
Price/Sales
2.59
Dividend Yield (Trailing)
6.36%
Dividend Yield (Forward)
6.48%
Total Yield
7.50%

Company Profile

Kinder Morgan is one of the largest midstream energy firms in North America, with an interest in or an operator on about 83,000 miles in pipelines and 140 storage terminals. The company is active in the transportation, storage, and processing of natural gas, crude oil, refined products, natural gas liquids, and carbon dioxide. The majority of Kinder Morgan's cash flows stem from fee-based contracts for handling, moving, and storing fossil fuel products.
Sector
Energy
Industry
Oil & Gas Midstream
Stock Style Box
Mid Value
Total Number of Employees
10,891
Website
https://www.kindermorgan.com

Competitors

Valuation

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Metric
KMI
ET
EPD
Price/Earnings (Normalized)
 16.5912.5111.19
Price/Book Value
 1.301.732.23
Price/Sales
 2.590.631.26
Price/Cash Flow
 6.434.937.68
Price/Earnings
KMI
ET
EPD

Financial Strength

Metric
KMI
ET
EPD
Quick Ratio
 0.230.830.61
Current Ratio
 0.351.100.93
Interest Coverage
 2.783.175.45
Quick Ratio
KMI
ET
EPD

Profitability

Metric
KMI
ET
EPD
Return on Assets (Normalized)
 3.46%5.62%8.30%
Return on Equity (Normalized)
 7.89%21.72%21.13%
Return on Invested Capital (Normalized)
 6.00%9.25%12.21%
Return on Assets
KMI
ET
EPD
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