Kinder Morgan Price Target Raised to $34 After Record Q4 Volumes and Net Income
Barclays raised its Kinder Morgan price target from $32 to $34 on February 20, reflecting a 4% upside following Q4 results. The energy firm reported record Q4 net income of $996 million on 48.4 trillion Btu/d transport volumes and grew its project backlog to $10 billion.
1. Price Target Increase
On February 20, Barclays raised its price target on Kinder Morgan from $32 to $34, implying a 4% upside potential. The firm maintained its Overweight rating while updating its valuation model to reflect stronger operating trends.
2. Q4 2025 Performance
Kinder Morgan reported Q4 net income of $996 million, its highest ever for the quarter, and full-year profit of $3.06 billion. Natural Gas Pipelines segment volumes rose to 48.4 trillion Btu/d from 44.5 trillion Btu/d year-over-year, driving revenue outperformance.
3. Project Backlog Growth
The company ended Q4 with a $10 billion project backlog, up from $9.3 billion in the prior quarter. This increase underscores robust demand for pipeline and terminal expansions across North America.