Kinder Morgan, Inc.
- Open
- 32.03
- Day high
- 32.04
- Day low
- 31.54
- Prev close
- 32.10
- Volume
- 746K
- Mkt cap
- $71.2B
- P/E (TTM)
- 20.5
- EPS (TTM)
- $1.54
- P/B
- 2.3
- P/S
- 4.0
- Yield
- 3.69%
- Per share
- $1.18
- ▼Insiders net selling -$543K over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
Kinder Morgan, Inc. (KMI) is a Energy company listed on NYSE. The stock is up 20% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 3 published research articles covering KMI.
Kinder Morgan, Inc. (KMI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KMI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $0.32 | $0.37 | +15.3% | $4.5B | +5.5% |
| Apr 22, 2026 | $0.40 | $0.48 | +21.2% | $4.8B | +4.2% |
| Jan 21, 2026 | $0.36 | $0.39 | +6.8% | $4.5B | +4.4% |
| Oct 22, 2025 | $0.29 | $0.29 | -0.7% | $4.1B | +4.4% |
| Jul 16, 2025 | $0.28 | $0.28 | +0.4% | $4.0B | +5.8% |
| Apr 16, 2025 | $0.35 | $0.34 | -4.2% | $4.3B | +0.9% |
| Jan 22, 2025 | $0.33 | $0.32 | -4.2% | $4.0B | -4.6% |
| Oct 16, 2024 | $0.27 | $0.25 | -7.4% | $3.7B | -8.6% |
| Jul 17, 2024 | $0.26 | $0.25 | -3.5% | $3.6B | -10.7% |
| Apr 17, 2024 | $0.34 | $0.34 | +0.3% | $3.8B | -10.7% |
| Jan 17, 2024 | $0.30 | $0.27 | -10.0% | $4.0B | -9.2% |
| Oct 18, 2023 | $0.26 | $0.25 | -3.8% | $3.9B | -17.4% |
KMI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Garthwaite Michael P.officer: VP (Pres., Products Pipelines) | Sell | 1,550 | $32.65 |
| Aug 3, 2026 | Holland James Eofficer: VP and COO | Tax | 50,993 | $32.18 |
| Aug 3, 2026 | Dang Kimberly Adirector, officer: Chief Executive Officer | Tax | 250,233 | $32.18 |
| Aug 3, 2026 | Sanders Daxofficer: President | Tax | 51,238 | $32.18 |
| Aug 3, 2026 | Michels David Patrickofficer: VP and Chief Financial Officer | Option | 121,528 | — |
| Aug 3, 2026 | Dang Kimberly Adirector, officer: Chief Executive Officer | Option | 636,575 | — |
| Aug 3, 2026 | Sanders Daxofficer: President | Option | 130,209 | — |
| Aug 3, 2026 | Grahmann Kevin Pofficer: V.P., Corporate Development | Tax | 13,576 | $32.18 |
| Aug 3, 2026 | James Catherine C.officer: VP and General Counsel | Option | 69,445 | — |
| Aug 3, 2026 | Holland James Eofficer: VP and COO | Option | 130,209 | — |
| Aug 3, 2026 | James Catherine C.officer: VP and General Counsel | Tax | 26,760 | $32.18 |
| Aug 3, 2026 | ASHLEY ANTHONY Bofficer: VP (President, CO2 and ETV) | Tax | 40,275 | $32.18 |
| Aug 3, 2026 | ASHLEY ANTHONY Bofficer: VP (President, CO2 and ETV) | Option | 104,167 | — |
| Aug 3, 2026 | Michels David Patrickofficer: VP and Chief Financial Officer | Tax | 47,573 | $32.18 |
| Aug 3, 2026 | Mody Sital Kofficer: V.P. (Pres.,Nat Gas Pipelines) | Tax | 45,545 | $32.18 |
Source: KMI SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full KMI insider & 13F page →KMI research & analysis
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Goldman Sachs' supply crunch warning spotlights natgas winners like EQT and COP for production gains, midstream KMI/WMB for volumes, versus utility loser SO facing fuel cost pain. Backed by FY2025 financials showing EQT's 73% revenue surge and strong FCF across winners.
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The US-Iran ceasefire on April 8, 2026, is crashing Asian LNG and crude prices, pressuring global suppliers while easing Vietnam's energy security woes. Cheniere and Shell stand out as resilient winners due to contracts and growth, while Exxon faces bigger oil headwinds. Ranked picks favor low-cost, contract-heavy LNG plays.
LNGSHELXOM
Kinder Morgan, Inc. company profile
Overview
Kinder Morgan, Inc. (NYSE:KMI) is one of North America's largest energy infrastructure companies, founded in 1936 and headquartered in Houston, Texas. The company went public in 2011 following a corporate restructuring. Kinder Morgan operates as a critical middleman in the energy sector, owning and operating approximately 83,000 miles of pipelines and 143 terminals across the United States. The company serves as the backbone infrastructure that connects energy producers to end consumers, facilitating the transportation and storage of natural gas, refined petroleum products, crude oil, and carbon dioxide throughout North America.
Business
Kinder Morgan operates in the energy midstream sector, which refers to the transportation, storage, and processing infrastructure that sits between energy production (upstream) and consumption (downstream). The company functions as a toll road operator for energy commodities, charging fees to transport and store various energy products through its extensive pipeline network and terminal facilities. The company operates through four distinct business segments: Natural Gas Pipelines (approximately 60% of EBITDA): This segment owns and operates interstate and intrastate natural gas transmission pipelines that transport natural gas from production areas to distribution companies, power plants, and industrial customers. The division also includes natural gas gathering systems that collect gas from wellheads, processing facilities that remove impurities and separate natural gas liquids, underground storage facilities, and liquefied natural gas (LNG) facilities. Natural gas is a cleaner-burning fossil fuel used primarily for electricity generation, heating, and industrial processes. Products Pipelines (approximately 15% of EBITDA): This segment transports refined petroleum products like gasoline, diesel, and jet fuel, as well as crude oil and condensate through pipeline networks. These pipelines connect refineries to distribution terminals and end markets, ensuring fuel reaches gas stations, airports, and other consumption points. Terminals (approximately 15% of EBITDA): This division operates bulk liquid and dry commodity storage and handling facilities. These terminals store various products including gasoline, diesel fuel, chemicals, ethanol, petroleum coke, and metals. The segment also operates Jones Act tanker vessels that transport petroleum products along U.S. coastlines. CO2 Segment (approximately 10% of EBITDA): This unique business produces, transports, and markets carbon dioxide primarily for enhanced oil recovery operations in mature oil fields. The CO2 is injected into aging oil reservoirs to increase production. The segment also operates oil fields, gas processing plants, and renewable natural gas (RNG) facilities that capture methane from landfills and convert it to pipeline-quality natural gas.
Revenue model
Kinder Morgan generates revenue primarily through fee-based transportation and storage services, operating under a "toll road" business model. The company charges tariffs and fees for moving energy commodities through its pipeline network and storing products at its terminals. Approximately 65% of the company's EBITDA comes from take-or-pay contracts, which provide stable, predictable cash flows as customers pay whether they use the full capacity or not. The company's customers include natural gas producers, electric utilities, local distribution companies, refineries, petrochemical companies, and industrial manufacturers. In the natural gas business, customers pay transportation fees based on contracted capacity and actual volumes moved. Terminal customers pay storage and handling fees for using warehouse and port facilities. The CO2 segment generates revenue through both commodity sales (selling CO2 and oil production) and transportation services. Several factors influence Kinder Morgan's profitability margins. Positive margin drivers include growing natural gas demand from LNG exports, power generation for data centers and artificial intelligence applications, increased industrial activity from reshoring manufacturing, and exports to Mexico. The company benefits from long-term contracts that provide inflation escalators and volume commitments. Negative margin pressures can come from reduced drilling activity in key production basins like the Haynesville and Permian, economic slowdowns that reduce energy demand, regulatory changes affecting pipeline approvals, and competition from other pipeline operators. Interest rate fluctuations affect the company's significant debt load, while commodity price volatility impacts the CO2 segment's oil and gas production revenues. Environmental regulations and the energy transition toward renewables could potentially reduce long-term demand for fossil fuel infrastructure, though the company is positioning itself to benefit from the transition through renewable natural gas projects and carbon capture initiatives.
Competitive moat
Kinder Morgan possesses a moderate to strong economic moat based on several competitive advantages inherent to pipeline infrastructure. The company's primary moat stems from the natural monopoly characteristics of pipeline networks - once built, pipelines face minimal direct competition due to high capital requirements, lengthy permitting processes, and right-of-way challenges that create significant barriers to entry. The company's extensive 83,000-mile pipeline network creates geographic advantages and economies of scale that would be extremely difficult and expensive for competitors to replicate. The business benefits from high switching costs for customers, as energy producers and consumers rely on existing pipeline connections and would face substantial costs to build alternative transportation methods. Long-term take-or-pay contracts, typically spanning 10-20 years, provide additional protection by locking in revenue streams regardless of actual usage volumes. The company's strategic positioning connecting major production basins to key demand centers, particularly for LNG exports and power generation, strengthens its competitive position. However, the moat faces potential challenges from several sources. Regulatory risks remain significant, as pipeline projects require extensive environmental and safety approvals that can be delayed or denied. The long-term energy transition toward renewable sources could eventually reduce demand for fossil fuel transportation infrastructure, though this transition is expected to occur over decades. Technological disruption from alternative energy storage and transmission methods, while currently limited, could pose future competitive threats. Additionally, some pipeline routes face competition from other operators, and the company must continuously invest in maintenance and expansion to preserve its competitive advantages. The increasing focus on environmental, social, and governance (ESG) factors has made new pipeline development more challenging, which paradoxically strengthens the moat of existing infrastructure while limiting growth opportunities.
Risks & safety
Kinder Morgan presents a moderate margin of safety with manageable financial risks but limited cash cushion: • Liquidity concerns: Very low cash position of $88 million with current ratio of 0.49, indicating potential short-term liquidity pressure, though this is typical for infrastructure companies with strong operating cash flow generation • Debt management: Net debt-to-EBITDA ratio of 4.1x is at the higher end of the company's target range (3.5-4.5x), with total debt of approximately $32 billion representing moderate leverage for a utility-like business • Cash generation strength: Strong operating cash flow of $5.6 billion annually and free cash flow of $3.0 billion provide substantial debt service coverage and dividend support • Valuation metrics: Trading at 23x P/E ratio and 14x EV/EBITDA, representing reasonable but not bargain valuations for a stable infrastructure company • Dividend sustainability: Dividend well-covered by free cash flow with payout ratio of approximately 60%, supported by contracted revenue base • Other considerations: Take-or-pay contracts covering 65% of EBITDA provide revenue stability, but capital-intensive nature requires continuous reinvestment to maintain competitive position
Recent development
Over the past few years, Kinder Morgan has undergone significant strategic repositioning focused on natural gas infrastructure expansion and capitalizing on emerging demand drivers. The company has dramatically increased its project backlog from $3.3 billion in 2022 to over $8 billion in 2025, with approximately 70% of new projects related to power generation and data center infrastructure. Key strategic developments include the announcement of major pipeline expansion projects, most notably the South System Expansion 4 Project requiring $3 billion in capital investment to add 1.2 Bcf/day of natural gas transportation capacity. The company has also expanded its footprint through strategic acquisitions, including the $1.8 billion purchase of NextEra South Texas assets and the recent $640 million acquisition of Bakken natural gas gathering and processing systems. The company has positioned itself to benefit from several transformative demand trends. LNG export growth represents a major opportunity, with Kinder Morgan currently serving approximately 45% of U.S. LNG export capacity and holding contracts for 10.7 Bcf/day with potential expansion to 15 Bcf/day. The emergence of artificial intelligence and data center power demand has created new growth opportunities, with management indicating ongoing discussions for approximately 5 Bcf/day of power-related projects across multiple states. Management has also announced a leadership transition plan, with Tom Martin retiring and Dax Sanders becoming President, ensuring continuity in the company's strategic direction. The company has maintained its commitment to shareholder returns through seven consecutive years of dividend increases while funding growth through strong cash flow generation. Additionally, Kinder Morgan has begun exploring carbon capture and sequestration opportunities, securing port space in Houston Ship Channel and leveraging existing CO2 infrastructure to participate in the energy transition while maintaining its core fossil fuel transportation business.
KMI company profile · for informational purposes only — not investment advice.
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