-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下： KMI第一季獲利表現強勁，調整後每股盈餘為0.48美元，高於預期的0.34美元，超出市場預期0.09美元；調整後EBITDA為25.4億美元，較去年同期成長18%。天然氣業務表現突出，運輸量成長8%，集輸量飆升15%，但原油和凝析油運輸量下降12%。我們認為，受液化天然氣出口和資料中心擴張的推動，天然氣物流的短期需求依然旺盛，管道利用率已達90%，十年前僅為74%。 KMI重申了2026年調整後每股收益1.36美元（年增5%）和EBITDA 86億美元（年增2%）的業績指引，但管理層指出，公司目前的業績增速比該指引高出3%。工程積壓額小幅上升至101億美元，其中92%為天然氣工程。資產負債表持續改善，淨債務與EBITDA之比從3.8倍降至3.6倍，自由現金流飆升73%至6.87億美元。我們認為公司擁有足夠的財務彈性，可以繼續提高股息或減少債務，季度股息上調2%至每股0.2975美元。
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Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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