Kinder Morgan Inc (NYSE:KMI) posted upbeat financial results for the third quarter after the market close on Wednesday.
Kinder Morgan reported third-quarter revenue of $4.53 billion, beating the consensus estimate of $4.38 billion, according to Benzinga Pro. The energy infrastructure company reported adjusted earnings of 35 cents per share for the quarter, beating estimates of 32 cents per share.
“Our natural gas business in particular is benefiting from increasing LNG exports, rising power demand, and industrial expansion and is capitalizing on significant opportunities for investment across our footprint,” said Richard Kinder, executive chairman of Kinder Morgan.
Kinder Morgan affirmed full-year expectations for adjusted earnings of $1.36 per share versus estimates of $1.54 per share.
Kinder Morgan shares fell 0.3% to trade at $33.86 on Thursday.
These analysts made changes to their price targets on Kinder Morgan following earnings announcement.
- Mizuho analyst Gabe Moreen maintained the stock with an Outperform rating and raised the price target from $37 to $39.
- TD Cowen analyst Jason Gabelman maintained the stock with a Buy and raised the price target from $38 to $40.
- Wells Fargo analyst Praneeth Satish maintained the stock with an Overweight rating and raised the price target from $36 to $39.
- BMO Capital analyst Ameet Thakkar maintained the stock with an Outperform rating and raised the price target from $36 to $37.
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