Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Kinder Morgan Inc (NYSE:KMI) reported broadly in-line results first-quarter results Wednesday.
Although the oil pipeline operator's stock has appreciated 28 percent year-to-date, it will continue to attract investor attention, as investors focus on the importance of returns over growth and the company is able to highlight its financial flexibility, according to Raymond James.
The Analyst
Justin Jenkins maintains an Outperform rating on Kinder Morgan with an unchanged $21 price target.
The Thesis
Kinder Morgan reported first-quarter adjusted EBITDA of $1.947 billion, largely in-line with the Street estimate. The segment results were also mainly as expected, Jenkins said in a Thursday note. (See his track record here.)
The company reported quarterly discounted cash flow of $1.371 billion, beating the Street estimates of $1.247 billion on the back of lower maintenance capex.
Kinder Morgan’s strategic review process of its Canadian subsidiary Kinder Morgan Canada (KML) is still underway. Jenkins said management has three options: to run the subsidiary as a standalone business, sell it or decide on a strategic combination with another company.
The energy infrastructure company said the Canadian business represented only around 2 percent of its EBITDA in what the analyst said is “perhaps a subtle way to keep market expectations on possible KML proceeds in check."
Raymond James expects the stock to outperform over the next 12-18 months, with continued dividend growth, share buybacks and cash flow stability/growth into 2020.
Price Action
Kinder Morgan shares were down 2.49 percent at $19.19 at the time of publication Thursday.
Related Links:
Earnings Scheduled For April 17, 2019
Insider Buys Of The Week: Abeona Therapeutics, Kinder Morgan, Landec
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!