Why Kinder Morgan Stock Surged 11% in October

Shares of Kinder Morgan (NYSE: KMI) rallied 11% in October, according to data provided by S&P Global Market Intelligence. Fueling the pipeline stock was its solid third-quarter results and optimism about the growth that lies ahead. Kinder Morgan reported stable third-quarter results in October. The natural gas pipeline giant's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $1.8 billion, a 2% increase from the prior-year period. Meanwhile, distributable cash flow was flat at $0.49 per share. That kept the company on track to grow its adjusted EBITDA by 5% this year, while its cash flow should rise by about 8%. The company also continued to approve additional expansion projects. It sanctioned the $455 million Gulf Coast Express Pipeline expansion, which will add 570 million cubic feet per day (MMcf/d) of additional capacity when it comes online in the middle of 2026. The company also approved a $94 million Gulf Coast Storage Expansion project to add 10 billion cubic feet (Bcf) of additional natural gas storage capacity when it enters service in the first half of 2027. Those projects helped refill its backlog, which ended the quarter with $5.1 billion of projects under construction, only down slightly after finishing $484 million of projects in the quarter. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool