Kinder Morgan's (KMI) Q4 adjusted earnings before interest, taxes, depreciation, and amortization is expected to reflect impacts from commodity price changes and weakness in renewable natural gas, partially offset by minor winter weather benefits in natural gas, RBC Capital Markets said in a note emailed Friday.
RBC said it now estimates Q4 adjusted EBITDA of $2.22 billion, versus a prior estimate of $2.23 billion.
For 2026, the firm said Kinder Morgan's adjusted EBITDA estimate of around $8.7 billion was in line with expectations.
RBC said Kinder Morgan's reported backlog of $9.3 billion exiting Q3 is likely to increase when the company reports earnings next Wednesday, citing strong shipper commitments.
RBC maintained its sector perform rating on Kinder Morgan and its price target of $30.
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