-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
KMI delivered a solid Q1 earnings beat with adjusted EPS of $0.48 vs. $0.34, beating consensus by $0.09, while adjusted EBITDA of $2.54B rose 18% Y/Y. Natural gas segment results were strong, with transport volumes up 8% and gathering volumes surging 15%, though crude oil and condensate volumes fell 12%. We think near-term demand for natural gas logistics remains acute, driven by LNG exports and data center expansion, with pipeline utilization at 90% vs. 74% a decade ago. KMI reiterated 2026 guidance for adjusted EPS of $1.36 (+5%) and EBITDA of $8.6B (+2%), though management noted the company is tracking 3% above that pace. Project backlog edged higher to $10.1B with 92% tied to natural gas projects. The balance sheet continues improving with net debt-to-EBITDA falling to 3.6x from 3.8x, while free cash flow surged 73% to $687M. We believe the company has the financial flexibility for continued dividend growth or debt reduction, with the quarterly dividend up 2% to $0.2975.