Kinder Morgan's $0.32 Billion Trading Volume Vaults to 307th in Market Activity Amid $9.3B Backlog Expansion

On August 19, 2025, Kinder Morgan (KMI) rose 0.65% with a trading volume of $0.32 billion, ranking 307th in market activity. The stock’s recent performance reflects growing project commitments and a strategic focus on expanding its midstream infrastructure. KMI’s project backlog increased to $9.3 billion in the June quarter of 2025, driven by $1.3 billion in new projects, including the Trident Phase 2 and Louisiana Line Texas Access initiatives. These projects aim to transport natural gas from Texas to Louisiana’s LNG export hubs, aligning with rising global demand for liquefied natural gas. Over half of the backlog is tied to power generation needs, as surging electricity demand from data centers and population growth boosts natural gas transportation and storage requirements.

Valuation metrics suggest KMI is trading at a discount relative to peers. The company’s trailing 12-month enterprise value-to-EBITDA ratio of 13.60x is below the industry average of 14.14x and significantly lower than midstream rivals like Enbridge (15.20x) and Williams Companies (16.31x). However, risks persist, including potential rate declines after 2029 as long-term contracts expire and new Permian Basin pipelines increase competition. Large-scale projects, such as the $4–$5 billion Copper State pipeline in Arizona, also carry execution risks if energy demand slows or regulatory hurdles arise. Despite these challenges, KMI’s fee-based revenue model and strategic Gulf Coast pipeline network position it to benefit from the projected doubling of LNG demand by decade’s end.

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