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KMI · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Kinder Morgan, Inc. (KMI) stock moving?
KMI fell about 11% from $33.57 on Oct 30 to a $29.96 low on Nov 6, with heavy volume of 21.5M and 19.3M shares on Nov 4 and Nov 5. None of the news items in this set explains that drop. The stock has since rebounded to $31.19 on Nov 10, but on lighter volume of 10.8M. Fundamentals from the Oct 21 Q3 release were strong: net income of $764M, EPS up 21% to $0.34, adjusted EBITDA of $2.18B up 9%, and a $14.4B expansion backlog including $13.2B of natural gas projects. The $0.2975 quarterly dividend is 2% above the year-earlier level. Analysts updated targets in late October and early November. Morgan Stanley kept Equal-Weight and trimmed its target to $39 from $40, JP Morgan kept Neutral and raised its target to $37, and RBC kept Sector Perform with a $38 target. All three targets sit above the current price, but the ratings are neutral. The most concrete recent signal is Executive Chairman Richard Kinder's purchase of 500,000 shares, worth about $14.99M, reported Nov 9. Key levels in the price data are support near $30 (Nov 6 low of $29.92) and resistance near $33.50 to $34.
News behind the analysis
- Kinder Morgan Insider Purchases $14.99 Million in Company StockExecutive Chairman and 10% owner Richard D. Kinder acquired 500,000 shares in a transaction valued at about $14.99 million. The purchase was reported in a recent SEC filing.
- Kinder Morgan to Post Updated Investor PresentationKinder Morgan announced it would post an updated investor presentation on its website on November 6, 2026. The filing did not disclose new financial figures.
- Morgan Stanley Maintains Equal-Weight on Kinder Morgan, Lowers Price Target to $39Morgan Stanley kept its Equal-Weight rating but cut its price target to $39. The rating stays neutral.
- Morgan Stanley Adjusts Price Target on Kinder Morgan to $39Morgan Stanley lowered its price target on Kinder Morgan from $40 to $39. The move is a small trim rather than a change in rating.
- JP Morgan Maintains Kinder Morgan at Neutral, Raises Price Target to $37JP Morgan kept its Neutral rating on Kinder Morgan and raised its price target from $36 to $37. The stock is expected to trade within a narrow band of that target.
- JP Morgan Maintains Neutral on Kinder Morgan, Raises Price Target to $37JP Morgan maintained its Neutral rating and lifted its price target to $37. The rating stays neutral.
- RBC Capital Maintains Sector Perform on Kinder Morgan, Raises Price Target to $38RBC Capital kept its Sector Perform rating and raised its price target to $38. The rating stays neutral.
- RBC Raises Price Target on Kinder Morgan to $38 From $36RBC Capital Markets raised its price target on Kinder Morgan from $36 to $38 while keeping its Sector Perform rating.
About Kinder Morgan, Inc.
Kinder Morgan is one of North America's largest energy infrastructure companies, based in Houston. It owns a huge network of natural gas pipelines, plus storage terminals and pipelines for refined products and CO2, and it is known for paying a steady dividend (about $1.19 per share a year in 2026).
How it makes money
Most of its earnings come from fees charged to move and store energy, mostly under long-term contracts, so profits depend more on how much flows through its systems than on commodity prices. Natural gas pipelines make up the largest share, roughly two-thirds of segment earnings. The rest comes from refined products pipelines, liquid and bulk terminals, and a CO2 business that also produces some oil and is more sensitive to commodity prices. The company guided to roughly $8.6 billion in adjusted EBITDA for 2026 and later said it expected to beat that.
What usually moves KMI
- US natural gas demand, including LNG exports and power for data centers
- Growth projects in its backlog (roughly $10 billion)
- Interest rates and the appeal of its dividend
- Weather-driven swings in gas demand
- Debt levels and pipeline regulation